Irsap group, a leading Italian manufacturer of radiators, air conditioning and air handling systems, has acquired UK Heating Group, the largest independent British distributor of steel, aluminum and cast iron designer radiators in the UK and Ireland. Sellers are private equity firm Encore Capital and UK Heating group’s management. The UK company will be rebranded Irsap UK.
Irsap was advised by Ethica Corporate Finance as financial advisor, and by Deloitte Legaland Druces LLP for legal services
Founded in 1963 by Livio Zen and Orazio Rossi and still controlled by the Rossi and Zen families, Irsap Group reached 140 million euros in consolidated revenues in 2016 up from 136.4 millions in 2015 (from 126.5 millions in 2014), a 5.5 million euros ebitda (from 3.4 millions) and 15 millions euros in net financial debt (from 17 millions) (see here an analysis by Leanus, after free registration and login). Founded in 1998, UK Heating Group, expects to reach about 12 million pounds in revenues for FY 2016-2017 ending next June 30th.
Irsap group, based in Arquà Polesine (Rovigo) inNorthern Italy, counts 1300 employees and is active with four production plants:two in Italy in Arquà Polesine (Rovigo) and in Codroipo (Udine), and one in Cluj Napoca (Romania) and the other one in Pechino (Cina) . The group has three commercial subsidiaries in Europe in France, Spain and Germany.
