Seven-Year Relationship With Leading Shower Pumps Supplier
BUSINESS OVERVIEW
Stuart Turner is a leading UK supplier of shower pumps, pressure boosting pumps and pump solutions for both the domestic and commercial markets.
Established in 1906, Stuart Turner has grown to a reported annual turnover of £24m and offers an extensive range of pumping products and solutions. The product range caters for almost every application, from residential home boosting pumps, lifting stations and macerator pumps to a wide range of pumps for various commercial applications.
OUR ROLE
Orbis have worked with Stuart Turner over a seven-year period to provide buy-side deal advice on five strategic acquisitions, solidifying Stuart Turner as the market leader in the UK for ‘total water solutions’.
Acquisitions include:
- 2011 – Techflow Products Limited, a manufacturer of shower pumps based in Burges Hill, West Sussex.
- 2012 – Walden & Son (Henley) Limited owned Empstead Works, a portfolio of industrial units and offices adjacent to Stuart Turner’s head office.
- 2015 – Allan Aqua Systems Limited, a manufacturer of variable speed pump sets which are sold both directly to commercial contractors and to large wholesalers.
- 2016 – Trentclyde Water Solutions Limited, a supplier of patented water pressure boosting systems to both the domestic and commercial markets.
- 2018 – GAH Heating Limited’s Coldstream, Dualstream, Boosterstream and Electrastream product trading assets. The product ranges stabilise water pressure and increase flow, as well as providing hot and cold-water solutions.
In September 2017, Orbis Partners advised the shareholders on the sale of the business to private equity investor LDC. The investment from LDC enabled the existing diverse shareholder base to exit the business and will allow Stuart Turner to target further growth in the commercial pumps sector through a buy-and-build strategy, in addition to supporting international expansion.
Specifically Orbis:
- Identified potential strategic and financial buyers including a number of overseas parties through Clairfield.
- Secured a strategic multiple by identifying strong potential buyers and creating competitive tension in the bidding process by obtaining multiple offers.
- Alongside the management team, prepared an in-depth business plan and financial model.
- Led the preparation and execution of the financial due diligence.
- Project managed the process to completion.
- Led on all financial and commercial negotiations.
- Negotiated on key commercial aspects of the legal documents to ensure the successful completion of the deal.
- Worked alongside Stuart Turner’s tax advisor to ensure the transaction was structured and completed in the most tax-efficient manner.
Having worked with Orbis over the last six years, they were a natural choice to lead the sale. We were confident that Orbis would find a buyer that would not only enable the business to grow but invest in the established heritage. LDC recognised the growth potential of the business and immediately bought into the existing buy & build acquisition strategy. Importantly, they also saw the opportunities presented by new product introductions and further geographical expansion.
