Polypipe Group has bought underfloor heating and renewables specialist Nu-Heat for £27 million. Devon-based Nu-Heat started out in 1992 designing and supplying UFH but expanded to offer heat pumps and solar heating, with renewables now accounting for more than 20 per cent of its business.
Polypipe chief executive officer Martin Payne says: “The acquisition of Nu-Heat aligns with our key growth drivers, including our focus on low-carbon heating and solutions for the environmental challenges facing the built environment.
“This acquisition will enable us to further develop our underfloor heating capabilities, and to develop new and exciting ways to integrate underfloor heating, heat pumps, and air-based climate management systems.”
The management team will remain with the combined business. Nu-Heat managing director David Roberts says: “We are delighted to be joining Polypipe, with which we share a similar culture and values. We look forward to being better positioned to deliver more sustainable solutions to customers and greater opportunities for our people as part of the Polypipe Group.”