Following an initial announcement in May 2021, Travis Perkins plc has now confirmed the completion of the disposal of its Plumbing & Heating businesses to an affiliate of H.I.G. Capital for cash consideration of £325 million.
As of 30th September, the former TP businesses will now form a new Group — to be named the Highbourne Group — and will continue to be led by Dave Evans, Chief Executive Officer.
Tobias Borkowski, Principal at H.I.G. Europe, said: “Today is a very important and exciting day for H.I.G. and Highbourne. We are committed to support Dave and his team to drive the business forwards to fully reach its potential.”
Dave Evans, CEO of Highbourne, added: “The senior leadership team, our amazing colleagues and I look forward to accelerating our business plans and creating new and exciting propositions whilst digitalising our business to provide industry leading products and services to our customers faster than ever.
“I am very excited to work with Tobias and the team at H.I.G. to capitalise on the enormous potential for growth within all of our businesses across the UK and Ireland. Our collective commitment, energy and passion will be at the heart of our future success.”
The Highbourne trading businesses will continue to operate under their existing, primary trading brands City Plumbing and PTS — with over 350 branches across the UK and Ireland — alongside specialist online outlets including The Underfloor Heating Store, Direct Heating Spares, Plumbnation and National Shower Spares.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion.