Travis Perkins sells plumbing and heating arm for £325 million

Travis Perkins has sold its plumbing and heating divisions to HIG Capital, an alternative investment firm, for £325 million, with the sale expected to be completed in the next couple of months.

City Plumbing Supplies (CPS) and Plumbing Trade Supplies (PTS) have more than 350 branches across the UK and Ireland, alongside specialist online outlets including the Underfloor Heating Store, Direct Heating Spares, PlumbNation, and National Shower Spares.

HIG says it will support the company in its transition to an independent company and accelerate expansion in the UK and Ireland.

P&H CEO Dave Evans says: “The sale to HIG is great news for P&H and its stakeholders. We are recognised as a market leader across many of our businesses and the categories they operate in and I am very excited to work with the team at HIG to capitalise on the enormous potential for growth we have within the UK and Ireland.

“We are well positioned to push forward with our plans for growth by developing more customer-focused propositions delivered by over 3,000 dedicated team members. I look forward to building an even stronger business in the coming years.”

Tobias Borkowski, principal at HIG Europe, says: “We believe that the company, as a freestanding enterprise, can better serve the individual needs of its customers, and rapidly expand its trusted relationships with suppliers. We are excited to partner with Dave and his entire team and look forward to supporting the company’s continued growth.”