Mon, 12 Aug 2024 | BUSINESS SALE
A technology and manufacturing business specialising in underfloor heating has been acquired out of administration. Exeter-based Ridgespear Limited develops and manufactures products for brands operating in the building materials market.
The firm’s manufacturing hub produces around 1.6 million sq ft of underfloor heating product each month. Its products are used in domestic and commercial properties across the UK and in Europe and its brands include Omnie and Timoleon. The company employs 61 staff at its hub in Exeter, along with a further 29 at a factory and design facility in Lomza, Poland.
The company has recently faced mounting financial pressure due to rising costs and the subdued construction market. As a result, Lucinda Coleman and Stephen Hobson, of PKF Francis Clark were appointed as joint administrators of the Ridgespear group of companies on August 6.
Upon their appointment, the joint administrators completed a sale of the business to listed plastic pipes manufacturer Genuit Group Plc. The deal formed part of a trio of acquisitions involving Omnie and Timoleon, as well as Gloucestershire-based green roof technologies specialist Sky Garden Limited. The trade and assets of Omnie and Timoleon were acquired for a cash consideration of £2.7 million.
Genuit Group Chief Executive Joe Vorih commented: "The acquisition of the Ridgespear business, including the Omnie and Timoleon brands, represents a compelling opportunity for Genuit and aligns with our Sustainable Solutions for Growth strategy.”
“The business complements our overall offering within our Climate Management Solutions business. It will play a key role in our growth plans as the construction market recovers from the current downturn and as we benefit from sustainability-linked growth drivers over the next few years."
Lucinda Coleman, partner and head of the restructuring team at PKF Francis Clark, added: "Ridgespear has a skilled workforce, well-known brands and an excellent reputation in the industry for its product range. However, the group has faced operational challenges including rising costs in recent years.”
"We’re pleased to have concluded the sale of the group following an accelerated marketing campaign, which has saved local jobs and is expected to result in a return to secured and preferential creditors. Ridgespear complements Genuit’s portfolio of leading brands and there is a strong cultural fit between the two groups."
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