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The Polypipe Group has announced the acquisition of ADEY – the Gloucester based manufacturer of magnetic filters and other water treatment products – in a deal estimated to be worth £210m. Established in 2003, the company has been owned by private equity firm LDC since June 2016 and since that time has seen net revenues grow from £34m in 2015 to £51m last year.
Commenting on the move, Martin Payne, Polypipe CEO, says: “We are delighted to announce the acquisition. Polypipe’s strategy is to grow both organically and through carefully selected value-enhancing acquisitions, with a particular focus on sustainability and sectors within climate and water management. ADEY is a pioneer and market leader in the residential heating protection market, one of the fastest growing segments of the UK construction market, underpinned by a shift towards more energy-efficient heating systems and regulatory tailwinds. Like Polypipe, it has a strong track record of innovation and new product development, with the acquisition strengthening the proposition for our customers and accelerating Polypipe’s growth. We welcome ADEY’s management and employees and look forward to working with them over the coming years.”
As a widely recognised brand in the HVAC industry, ADEY’s best-selling range of MagnaClean filters have been installed in more than five million UK homes. Following a decade of successful growth, the company has expanded its range to include a range of commercial filters, premium chemicals and recently introduced a new water testing kit that provides instant on-site analysis via smartphones.
Matthew Webber, ADEY CEO, adds: “We are excited to be joining Polypipe and by the growth opportunities ahead. The companies share a similar culture and philosophy, focused on delivering sustainable water and climate management solutions. The combined business will allow us better to serve our customers, which will continue to be the foundation for our future success.”
Earlier this month, Polypipe also acquired the underfloor heating manufacturer Nu-Heat for a deal said to be worth £27m.