Groupe Atlantic has acquired the U.K. gas boiler division of Ideal Stelrad Group
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Groupe Atlantic acquired Ideal Boilers (the U.K. gas boiler division of Ideal Stelrad Group), a highly recognized player in the U.K. gas boiler market.
Headquartered in Hull, U.K., Ideal Boilers designs and manufactures a large range of condensing gas boilers for the U.K. domestic and commercial heating markets. Leveraging its technological and industrial expertise combined with its established commercial reputation, Ideal Boilers is the third largest industry player in the U.K. market for domestic wall-mounted gas boilers, with about 300,000 units sold per year under the Ideal brand. Founded in 1905, the company has 500 employees and achieved FY14 turnover of approximately GBP 200 million.
Ideal Boilers’ acquisition is in line with Groupe Atlantic’s strategy to offer multi-energy and multi-product heating solutions to its customers and to expand its international footprint. Ideal Boilers is a key opportunity for Groupe Atlantic to increase its presence on the U.K. market, which accounts for half of the total European market for domestic wall-mounted gas condensing boilers, while the U.K. market is the largest European market for commercial wall-mounted boilers.
A Groupe Atlantic spokesman said, “The Ideal Boilers acquisition illustrates our strategy of accelerating international growth and consolidating our multi-energy and multi-product lineup. This important strategic step evidences our ambition to become a key player in the very promising market for wall-mounted gas condensing boilers.”
Guillaume Suizdak, Managing Director at Lincoln, commented, “Lincoln, as its buy-side financial advisor, closely worked with Groupe Atlantic to successfully implement its strategic objective to strengthen its European gas boiler market position. Ideal Boilers’ acquisition stands as a key milestone in Groupe Atlantic’s international strategy.”
Lincoln acted as the exclusive financial advisor of Groupe Atlantic, assisting through its London and Paris offices in coordinating due diligence advisors, advising on negotiations, reviewing documentation and coordinating all steps until the closing of the transaction.
About Groupe Atlantic
Groupe Atlantic is a leading European player in the heating, ventilation and heat pump industry. Groupe Atlantic’s multi-energy expertise (electrical, gas, oil and renewables) supports its comprehensive offering of thermal comfort solutions in domestic, collective and commercial markets. Constantly attentive to its markets, Groupe Atlantic’s well-known brands offer customers a range of products that meet all types of needs: water heaters and electric heaters, domestic and collective boilers, air conditioning, ventilation, and renewable energy sources. The group was founded in 1968 in La Roche sur Yon (France) and generated FY14 revenues of c. Euro 1 billion. More information about Groupe Atlantic can be obtained at www.groupe-atlantic.com.
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