Listed group acquires specialist manufacturer for £22m

Halma, a global group of life-saving technology companies, has acquired Thermocable (Flexible Elements) Ltd for its Safety sector fire detection company, Apollo Fire Detectors Limited.

Thermocable is based in Bradford and is a developer and manufacturer of Linear Heat Detectors (LHDs).

LHDs are temperature sensitive cables, installed in areas at risk of overheating and fire, which trigger an alert when they detect a change of temperature.

Thermocable’s detection technologies further expand the range of devices Apollo offers in the commercial and industrial fire detection markets.

The initial consideration for Thermocable is £22m, which will be funded from Halma’s existing facilities.

Thermocable’s unaudited revenue for the 12 months to 31 March 2022 was £6.3m.

Andrew Williams, group chief executive of Halma, said: “Thermocable’s specialist technologies will further enhance Apollo’s existing strengths in fire detection and alarm systems for industrial and commercial customers.

“They will enable Apollo to address a greater range of customer needs in niche applications for a variety of sectors such as urban infrastructure and transportation, logistics, natural resources and emerging applications in renewable power generation.”

David Bulley, managing director of Apollo, added: “Our long-term growth is driven by increasing urbanisation, population growth and safety regulation.

“With the acquisition of Thermocable, we will serve a greater range of customer needs globally while offering an extra layer of protection to help extinguish fires at the source before they cause serious harm.

“Its technologies are highly aligned with Apollo’s purpose to protect people and their environment.”

The shareholders of Thermocable were advised by a team from Clarion including Kaira Clarehugh, Santino Stifanelli, Harry Beckett and Jonathan Simms.

Corporate finance advice was provided to the shareholders by Bishopsgate including James McBain and Morgan Atherton. Tax advice was provided by Steve Holmes from Azets.

Law firm Addleshaw Goddard advised Halma on the acquisition. The AG team was led by James Tatro, supported by David Parker and Jack Irwin.