By Powerscourt on 10/11/2021
Powerscourt supports Stelrad on its £274m IPO
Powerscourt is proud to have supported Stelrad Group PLC on the firm’s successful IPO on the London Stock Exchange which valued the business at £274 million.
Stelrad is a leading specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, selling an extensive range of standard and premium steel panel radiators, low surface temperature (LST) radiators, towel warmers, decorative steel tubular radiators and other steel “column” radiators to more than 500 customers annually.
It is headquartered in Newcastle upon Tyne in the United Kingdom with manufacturing and distribution facilities at Mexborough in the UK, Nuth in the Netherlands and Çorlu in Turkey, employing 1,325 employees across the business.
The origins of the Group date back to the 1930s and, today, Stelrad enjoys long established commercial relationships with many of its customers, having served each of its top five customers for over twenty years.
The Group is poised to play a significant role in the wider decarbonisation journey as it adapts in response to various governments’ initiatives while the IPO will see the Group builds upon its leading market position to deliver further growth within existing product categories alongside complementary areas suitable for a low or zero carbon future, such as air management and heat recovery, hydronic convectors and electric heat emitters.
The transaction follows a busy 2021 for Powerscourt’s Industrials and Support Services business with the team advising on Polish locker business InPost’s €8 billion Amsterdam Euronext float, the £2.3 billion acquisition of temporary power generation firm Aggreko, builder’s merchant Travis Perkins’ demerger of its Wickes brand and FTSE250 outsourcer Capita’s restructuring.
Powerscourt Head of Industrials, James White, said: “Powerscourt is delighted to have provided communications support to Stelrad as part of its successful IPO. The business is a fantastic example of a UK company that is a market leader on the world stage and this transaction will give the Group a strong platform from which to build on as it looks to play a key role in the UK’s wider decarbonisation plans.”