MBO of Ideal Stelrad

Bregal Capital

Our client Bregal Capital, a leading European private equity firm, has completed the management buy-out of the UK-based manufacturer of boilers and radiators for approximately £230 million. Completion of the transaction had been conditional on merger clearance.

Headquartered in Newcastle, England, Ideal Stelrad employs roughly 1,800 people in the UK and at its international operations in countries including the Netherlands, Belgium and Turkey. Following a financial restructuring of the business that resulted in a debt for equity swap in 2009, lenders such as RBS, BNP Paribas and Bank of Ireland became the main shareholders. Other shareholders included Warburg Pincus, HSBC, National Australia Bank, and GSO, a division of Blackstone.

The legal team in London has a well established relationship with Bregal Capital. Recent matters on which the legal team has advised Bregal include the sale of Bregal’s Mirror Controls International (MCi), which deal was named by Buyouts as “European Deal of the Year 2012”.

Andrew Harris commented: “We are delighted to have represented Bregal on its investment in Ideal Stelrad, continuing our deep and longstanding relationship with them.   

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