National law firm Ashfords has advised the management team of leading supplier of underfloor heating and renewables systems, Nu-Heat, on its management buy-out.
Nu-Heat, who has a 25 year history of delivering fully designed, energy efficient underfloor heating and renewable systems, has secured investment from new shareholders as part of plans for continued growth and development.
The management buy-out led by Nu-Heat's Managing Director, David Roberts, was backed by Bestport Capital and has successfully placed the company in a strong position to continue with its plan for growth and expansion in the market. The buy-out sees founding shareholders and directors, Alison Troop, Adrian Troop and Andrew Grimsley leave the company, and Ole Bettum from Bestport Capital join the Board.
Louise Workman, Corporate Partner at Ashfords, led the firm's team advising the management team on the buy-out, and was assisted Rebecca Dury (Partner), and Jonathan Hyde (Solicitor). Guy Eggleton, Isca Ventures, acted as Corporate Finance Adviser on the transaction.
Louise Workman commented: "Nu-Heat is a fast moving and growing company, and we are delighted to have advised the management team on its successful buy-out that will benefit and help the company to continue moving forwards. The founding shareholders and directors have done a fantastic job in building such a successful company, and we wish the new shareholders all the best for the future".
David Roberts, Managing Director at Nu-Heat commented: "Louise quickly became a valued part of our team and remained so throughout this process. We’re delighted with the attention, support and advice provided by Louise who has consistently been able to mobilise the required expertise when we needed it, sometimes at incredibly short notice. We’d like to thank the team at Ashfords for looking after us so well and for providing such excellent service".