M&A Deal Summary

Polypipe Group Acquires ADEY Innovation

On February 11, 2021, Polypipe Group acquired manufacturer ADEY Innovation from Lloyds TSB Development Capital for 210M GBP

Acquisition Highlights
  • This is Polypipe Group’s 1st transaction in the Manufacturing sector.
  • This is Polypipe Group’s largest (disclosed) transaction.
  • This is Polypipe Group’s 2nd transaction in the United Kingdom.

M&A Deal Summary

Date 2021-02-11
Target ADEY Innovation
Sector Manufacturing
Buyer(s) Polypipe Group
Sellers(s) Lloyds TSB Development Capital
Deal Type Add-on Acquisition
Deal Value 210M GBP

Target

ADEY Innovation

Stonehouse, United Kingdom
ADEY Innovation Ltd. specializes in the design, manufacture, and supply of innovative products and services that significantly improve the effectiveness of domestic and commercial heating and cooling systems and water treatment systems. ADEY Innovation was formed in 2003 and is based in Stonehouse, United Kingdom.

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Buyer(S) 1

Buyer

Polypipe Group

Doncaster, United Kingdom

Category Company
Founded 1980
Sector Plastics
Employees3,139
Revenue 448M GBP (2019)
DESCRIPTION

Polypipe Group is a manufactures and sells pressure-rated high density polyethylene pipes. The company's products are used in natural gas distribution, oil and gas gathering, municipal water and waste water, industrial and mining, nuclear power, landfill, and irrigation markets. Polypipe Group was founded in 1980 and is based in Doncaster, the United Kingdom.


DEAL STATS #
Overall 2 of 3
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 2 of 3
Country (United Kingdom) 2 of 3
Year (2021) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-05 Nuaire

Caerphilly, United Kingdom

Nuaire is a manufacturer and distributor of ventilation systems for the commercial, residential and OEM markets.

Buy £145M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-15 Nu-Heat UK

Devon, United Kingdom

Nu-Heat UK Ltd. is a provider of warm water underfloor heating and integrated renewable solutions, Nu-Heat is committed to delivering fully designed, energy-efficient systems to installers, housebuilders, contractors, architects, and self-builders nationwide. Nu-Heat UK was founded in 1992 and is based in Devon, United Kingdom.

Buy £27M

Seller(S) 1

SELLER

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 2.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lloyds TSB Development Capital Ltd (LDC) is the private equity arm of Lloyds Banking Group Plc and invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. Lloyds TSB Development Capital Ltd was formed in 1981 and is based in London.


DEAL STATS #
Overall 163 of 198
Sector (Manufacturing) 4 of 7
Type (Add-on Acquisition) 78 of 94
Country (United Kingdom) 157 of 192
Year (2021) 2 of 16
Size (of disclosed) 6 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-18 Ciphr

Reading, United Kingdom

Ciphr is a specialist provider of Software-as-a-Service (SaaS) HR, payroll, recruitment, and learning software that connects businesses with their employees via an online platform, CIPHR Connect. Ciphr was founded in 1982 and is based in Reading, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-26 Red Helix

Buckinghamshire, United Kingdom

Red Helix provides solutions and services to improve on-premise and cloud application performance and cyber-security for UK organizations across a range of sectors. Red Helix was founded in 1984 and is based in Buckinghamshire, United Kingdom.

Buy -