Help-Link makes first acquisition since NorthEdge investment
YORKSHIRE-based boiler and central heating business Help-Link has swooped for Miller Pattison, its first acquisition since it received private equity investment from NorthEdge Capital.
Leeds-based Help-Link has acquired the home insulation installation and contracting business from listed building products distributor SIG for a nominal consideration of £1.
For the 2013 financial year, Sheffield-based Miller Pattison reported sales of £25.4m and made a loss before tax of £5.2m.
Miller Pattison will get up to £6.5m for the sale by 2017 if the business performs. In addition, SIG will provide £5.3m in cash to Miller Pattison at completion.
Help-Link will take on Miller Pattison’s network of 11 branches across the UK, their fleet of vehicles and 300 strong workforce.
Last year, private equity firm NorthEdge Capital invested £11m for a significant stake in Help-Link.
Speaking of the purchase, Help-Link’s managing director Mel Butler said: “Since establishing Help-Link 15 years ago the company has gone from strength to strength. We have grown at a rapid rate and we want to continue on this growth path. I have always had an aim that I would like to provide energy saving measures for the entire home, the acquisition of Miller Pattison is the first of a number of purchases in the pipeline to enable us to do this.
“The strategic decision to acquire Miller Pattison, in particular, was born from the synergy of the company’s values with those of Help-Link’s – focusing on quality, longevity and customer care. Help-Link has funded the acquisition as it forms a key part of our plans for the future.”
He added: “Help-Link’s strong brand, sales workforce, IT systems and operational procedures will act as a platform for the growth of Miller Pattison’s current offerings.”
John Hamer and Joy Irving, both in the corporate department at Walker Morris, provided legal advice on the acquisition.
Following the sale, SIG said it remains committed to the development of its wider energy management and services offering in all its countries of operation.
