Polypipe snaps up £145m Welsh manufacturer

PIPING manufacturer Polypipe has announced a massive £145m buyout of Nuaire from a private equity firm.

Electra Partners sold the ventilation manufacturer on a debt and cash-free basis, and the sale is expected to complete by the end of August.

The Doncaster firm acquired the Caerphilly-based business from Electra Partners. Nuaire employs 450 people full time.

For the year to June, Nuaire generated revenues of £63.5m, up 18.8% on the previous period.

Polypipe manufactures plastic piping for the commercial, residential and infrastructure sectors, and is looking to expand its footprint in the “high-growth” ventilation sector with the acquisition.

David Hall, Polypipe chief executive, said: “We have long been an admirer of Nuaire and this acquisition provides a perfect fit for us.

“Nuaire expands considerably our product platform and market reach within the growing ventilation sector, which, like other parts of our business, are being positively impacted by environmental legislative change.

“Nuaire will continue to operate as an independent division, as we leverage the capabilities of the combined group to drive growth, bringing more choice to our broader customer base.”

Mark Huxtable, chief executive of Nuaire, said: “We are delighted to be joining Polypipe. The companies share many characteristics, including a similar culture and philosophy, and together we will be better placed to tap into the excellent prospects for the sector.”

Corporate partners involved in the deal, advising Polypipe, were James McKay and Tim Stead in Squire Patton Boggs’ London office, and Adam Hastings, a corporate partners in Leeds.