Redditch firm acquired in private equity-backed deal
Stuart Turner, the manufacturer of water boosting pumps and systems, has acquired pressurisation and HVAC specialist Mikrofill Systems.
The transaction has been supported by follow-on funding provided by Stuart Turner’s private equity backer LDC.
Founded in 1906, Stuart Turner designs and manufactures water powering solutions, from domestic pumps to large water boosting systems for commercial and industrial projects.
LDC backed the management buyout of Stuart Turner in 2017 to help the business target further growth in the commercial pumps sector and support international expansion. During its partnership with LDC, the business has now acquired three complementary businesses. The acquisition of Mikrofill follows its purchases of Fluid Water Solutions in 2019 and GAH Heating in October 2018.
Based in Redditch, Worcestershire, pressurisation specialist Mikrofill produces pressurisation units for sealed system control, commercial grade boilers and water heaters.
Following the deal, Mikrofill will continue to operate an as independent entity but as part of Stuart Turner. The transaction also provides an exit for Mikrofill Founders Roger and Pat Cherrington.
Richard Harden, CEO of Stuart Turner, said: “Stuart Turner boasts a long history of engineering excellence and British manufacturing. We are constantly exploring opportunities that can further enhance our market leading services. Mikrofill is an established leader in the pressurisation and hot water generation market so this acquisition plays a key role towards our goal of providing a complete heating and water powering solution.”
Roger Cherrington, founder and former chairman, Mikrofill Systems, added: “After 25 years of dedication, fine tuning our products and building a strong reputation in our market, the time has come to move the company along to the next level. In Stuart Turner we see fantastic opportunities to become part of a bigger picture. I am sure the brand will continue to go from strength to strength and enter new markets. I wish all of the teams involved the greatest success and will be watching with interest.”
Matt Newbold, investment director at LDC in the Midlands, added: “We were attracted to Mikrofill because of the innovative approach to delivering best-in-class systems for its customers, sharing the same passion for engineering excellence as Stuart Turner. Its heritage and position within the commercial pressurisation market will help Stuart Turner continue to expand its comprehensive offering to customers in the UK and overseas.”