Clearwater Corporate Finance has advised the shareholders of AmbiRad Group on its sale to a leading US manufacturer.
AmbiRad, a Midlands headquartered manufacturer and supplier of energy efficient heating systems has been acquired by Thomas & Betts Corporation (NYSE: TNB). Clearwater Corporate Finance, led by partner Jon Hustler and director Gareth Iley, acted as advisor to AmbiRad on the transaction. West Midlands-based George Green Solicitors also advised AmbiRad.
Founded in 1979, AmbiRad is a U.K. manufacturing success story with more than £30 million in annual sales and market-leading positions in radiant and warm-air heating. Its AmbiRad®, Airbloc® and Nordair Niche®-branded products are primarily sold throughout Europe. The company has three principal manufacturing locations in the West Midlands, Kent and mid-Wales.
Based in Memphis, Tenn., Thomas & Betts Corporation is a $2 billion global leader in the design, manufacturing and marketing of essential components and systems used to manage the connection, distribution, transmission and reliability of electrical power in industrial, utility and construction applications. The company is also a leading global provider of niche heating and ventilation products marketed under the Reznor® brand name.
Jon Hustler, head of industrials at Clearwater, said: “The acquisition confirms that quality UK-based manufacturing businesses remain attractive assets for overseas corporates.”
The deal represents Clearwater’s sixth industrials transaction in 2011, which have included the disposal of testing and inspection business Alter Technology Group to TÜV Nord International GmBH, the sale of Farsound Engineering to RG industries LLP, the cross-border sale of manufacturer of complex investment castings, Tritech Group, the acquisition of consulting engineering services provider, Hurleypalmerflatt and the MBO of a leading scrap metal merchants.