Lead Forensics


ADEY: Supporting award-winning growth

Four and a half year partnership helps business to grow internationally and in the UK.

ADEY is the UK’s market leader in solutions to protect water-based heating systems.

Deal type
  • Management buyout
Exit type
  • Trade sale
Exit date

February 2021

Exit value


The Team
LDC Team

ADEY specialises 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.

Royal recognition

LDC invested in ADEY in June 2016, backing the business to expand internationally.

ADEY has been awarded the Queen’s Award for Enterprise in International Trade three times. The award recognises ADEY’s homegrown success and expansion into 19 European countries as well as China, the United States, Australia and New Zealand.

In 2019, ADEY also ranked 111th in The Sunday Times International Track 200 after recording £4.1m sales to the EU in 2017, an increase of over 55 per cent on the previous year.

Backing domestic expansion

With LDC’s support, ADEY invested heavily in product development and, in an industry first, launched a next generation universal water testing kit which provides lab-style reporting and interpretation instantly to a smartphone.

The business also strengthened its commercial water-testing service through its acquisition of Alpha Scientific in 2019 and added additional sites including a new satellite lab in Manchester. ADEY also opened a new purpose-built, 44,000 sq ft manufacturing and distribution facility in Gloucestershire.

During a four-and-a-half-year partnership, the business has grown net revenues from £34m (FY15) to £51m for the year ending 31 December 2020.

orange quote mark
With LDC’s support, we have scaled significantly both at home and overseas in the last four and a half years, enabling us to provide our customers around the world with the best possible preventative solutions in the heating systems market.”
Matthew Webber, CEO

Continuing international growth

In February 2021, LDC exited its investment in ADEY to Polypipe Group plc (Polypipe) a leading provider of sustainable water and climate management solutions for the built environment, in a £210m transaction.

As part of Polypipe, ADEY will be able to further accelerate its international growth.

orange quote mark
We are excited to be joining Polypipe and by the growth opportunities ahead. The companies share a similar culture and philosophy, focused on delivering sustainable water and climate management solutions. The combined business will allow us better to serve our customers, which will continue to be the foundation for our future success.”
Matthew Webber, CEO


The Sunday Times International track 200


The Queen’s Award for Enterprise


Deal of the Year

ADEY – Insider South West Dealmakers