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LDC exits Stuart Turner investment

31 Jan 2022

Mid-market private equity firm LDC has exited its investment in water pressure-boosting solutions business Stuart Turner, in a secondary buy-out backed by Epiris.

Stuart Turner is a market leader in water-boosting solutions, with more than a century’s experience in engineering and product innovation, both in the UK and overseas. It has a long-established reputation for designing and manufacturing high-quality engineered products, including solutions for residential mains water pressure and commercial system pressure management. The business helps its customers to minimise energy usage and maximise water efficiency, contributing towards their environmental commitments.

LDC backed Stuart Turner in September 2017 to help accelerate its buy and build strategy and target further growth in the commercial pumps sector.

During a four-year partnership, LDC supported the business to make three complementary acquisitions to expand its range of products and services, including the acquisition of the UK’s leading mains-powered pressurisation unit and heating systems provider, Mikrofill Systems in March 2021. This followed the additions of Fluid Water Solutions in 2019 and GAH Heating in 2018 and, alongside a strong focus on new product development, these acquisitions have helped Stuart Turner to become a complete solutions provider in the pressurisation and hot water generation market across domestic, commercial and industrial sectors.

Stuart Turner has grown its revenues by over 66%, from £24m in 2017 to more than £40m this financial year, and headcount has increased to more than 125.

Epiris will support the next stage of the company’s growth journey as it looks to further broaden its product and geographic offering.

Richard Harden, CEO of Stuart Turner, said: “We’re determined to become a full water-boosting solutions provider, not only in the UK, but expanding into international markets too.”

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The relationship with LDC has been a true partnership. They’ve supported our management team to deliver on the ambitious strategy we set ourselves and have been a pleasure to work alongside, providing a real relationship-based approach to private equity.”
Richard Harden, CEO
Stuart Turner

“They’ve also provided follow on funding to support our acquisition strategy and the team have been a great source of expertise and guidance in helping to shape our strategy for the future.”

Matt Newbold, Investment Director at LDC, added: “Richard and the team at Stuart Turner are passionate about innovation and whilst the Stuart Turner name is steeped in British engineering heritage, it’s very much a forward-looking company and is recognised as a true innovator in the sector. We’re proud to have been part of their growth journey these last four years, and we wish them every success for the future.”

Stuart Turner was advised by DC Advisory and Gateley, with due diligence support provided by PwC and KPMG.

The Stuart Turner management team was advised by Orbis Partners.

Newco and Epiris were advised by Lincoln International and Macfarlanes.