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A French engineering group has boosted its operations in the UK through the acquisition of a Poole-based heating equipment manufacturer.

Atlantic Sfdt has taken control of Hamworthy Heating, which provides heating and hot water systems to commercial and light industrial premises, in a deal reported to be worth £35 million.

The company was sold by NBGI Private Equity six years after backing its management in an £11.2 million buy-out. The firm has since invested in Hamworthy’s product development to meet demand for environmentally-friendly boilers leading it to make six times its original investment from the exit.

The deal, which generated an internal rate of return of 38 per cent, was led by NBGI directors Richard Morley and Richard Babington and is the seventh disposal from the firm’s first fund.

Morley said under NBGI’s ownership the company has expanded internationally. “As well as providing commercial heating products for the home market Hamworthy now exports abroad to parts of Europe, the Baltic States, Asia, Australasia and the Pacific Rim countries. The business is well positioned for the next stage of its development under new ownership.”

Atlantic was advised by FMV Associates and Herbert Smith, while NBGI was supported by Livingstone Partners and Eversheds.

Hamworthy generates a £20 million turnover by providing heating systems to businesses, such as leisure centres, schools, hospitals, hotels, factories, offices, retail and catering outlets.

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