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Polypipe Acquisition of Nuaire

RNS Number : 1114V
Polypipe Group PLC
05 August 2015
 

5 August 2015

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

Polypipe Acquisition of Nuaire

 

Polypipe Group plc ("Polypipe" or the "Company") announces today that it has entered into an agreement to acquire Nu-Oval Acquisitions 1 Limited ("Nuaire") from Electra Partners and other existing Nuaire shareholders (collectively, the "Sellers") for a cash consideration of £145 million on a debt and cash-free basis (the "Acquisition"). The Acquisition will be financed using a combination of existing cash from the balance sheet and new debt and is expected to complete by the end of August.

 

Key highlights

·    Acquisition of a leading provider of ventilation solutions in the UK and internationally, with a solid track record of growth, profitability and successful cash flow generation

·    Broadens Polypipe's product offering in the high-growth ventilation sector, and particularly the commercial ventilation segment, and provides further market reach towards end-users through a specification-led business model

·    Accelerates the delivery of Polypipe's strategic vision especially in the area of Carbon Efficient Solutions driven by legislation change

·    Consideration of £145 million on a cash and debt-free basis, equivalent to 11.4x LTM EBITDA as at end-June 2015 based on unaudited management accounts

·    Double-digit EPS accretion expected in the first full financial year of ownership

 

Commenting on the Acquisition, David Hall, Polypipe Chief Executive, said:

"We have long been an admirer of Nuaire and this acquisition provides a perfect fit for us. Nuaire expands considerably our product platform and market reach within the growing ventilation sector, which, like other parts of our business, are being positively impacted by environmental legislative change. Nuaire will continue to operate as an independent division, as we leverage the capabilities of the combined group to drive growth, bringing more choice to our broader customer base. We are delighted to welcome Nuaire's management and staff as we look forward to accelerating the strategic development of the enlarged group."

 

Mark Huxtable, Chief Executive of Nuaire, said:

"We are delighted to be joining Polypipe. The companies share many characteristics, including a similar culture and philosophy, and together we will be better placed to tap into the excellent prospects for the sector."

 

The Nuaire business

Nuaire is a market leading designer, manufacturer and distributor of ventilation systems to the UK commercial, residential and international ventilation markets. The company has a solid track record of growth, profitability and successful cash flow generation.

Nuaire is based in Caerphilly, Wales, from where it serves a diverse customer base of more than 5,000 customers in the UK and internationally. In the UK, the company's customers are mostly contractors and building consultants. The company has a team 57 sales representatives focusing primarily on contractors and building consultants.

Nuaire has approximately 450 full-time employees.

 

Acquisition rationale

The Acquisition is in line with Polypipe's strategy to broaden its market reach in high-growth products which benefit from environmental legislation aimed at reducing the UK's carbon emissions. Nuaire is well-positioned to capitalise on the high growing UK ventilation market, which is forecast to outstrip UK construction market growth. Polypipe has targeted ventilation for some time, having built a solid understanding of the sector from its portfolio of ducting systems. Nuaire will complement this understanding through its in-depth knowledge and experience of mechanical ventilation.   

The market positions of Polypipe and Nuaire are highly complementary with little product overlap. Nuaire provides a market leading position in the UK commercial ventilation sector where Polypipe is not present. The Company's management expects that Polypipe and Nuaire will be able to leverage their respective technical, selling and distribution capabilities and expertise to accelerate the combined company's growth. There are considerable opportunities for product synergies such as broader combined product offers in, for example, controls, ducting and accessories.

It is anticipated that the senior management of Nuaire will remain with the combined business.

 

Terms of the transaction

Under the terms of the Sale and Purchase Agreement between Polypipe and the Sellers, Polypipe will purchase the entire issued share capital of Nuaire for a purchase price equivalent to £145 million on a debt and cash free basis, payable in cash upon closing of the Acquisition. The enterprise value is equivalent to 11.4x LTM EBITDA and 12.1x LTM EBITA as at end June 2015, based on unaudited management accounts. The consideration will be funded by a combination of existing cash from balance sheet and new debt.

The Company expects the Acquisition to result in double-digit accretion to earnings per share in the first full year of ownership and contribute meaningfully to the Company's growth profile going forward. Polypipe plans to maintain its current 40% dividend payout policy post the Acquisition. This statement is not meant or intended to be a profit forecast, and should not be interpreted to mean that the earnings per share of Polypipe following completion of the Acquisition will necessarily be above or below the historical published earnings per share.

In connection with the Acquisition, Polypipe's existing £120 million term loan will be fully repaid, and its existing revolving credit facility of £40 million will be expanded to £300 million. The Company believes that this structure will provide Polypipe with significant flexibility.

It is anticipated that the Acquisition will complete by the end of August

 

Background on Nuaire

Nuaire is a UK-based designer, manufacturer and distributor of ventilation systems to the UK commercial, UK residential and international ventilation markets. Nuaire is estimated to have a market leading position within the UK commercial ventilation market and is well-regarded for its ability to drive specification led sales amongst Consulting Engineers in particular for the design and manufacture of innovative solutions.

Nuaire has three business segments:

·    The commercial segment (56% of LTM revenue), in which Nuaire is estimated to hold a market leading position, includes ventilation systems (with or without heat recovery) and energy efficient solutions for new build and refurbishments in both the private and public sectors in the UK. End users include offices, schools, hospitals, hotels, retail and leisure outlets, and car parks.

 

·    The residential segment (28% of LTM revenue) services both private and public sectors across the UK. End users include housing associations, local authorities, national, regional and local housebuilders as well as self-builders. Products within this segment are increasingly sophisticated ventilation systems and unitary fans for both new build and RMI applications.

 

·    The international segment (16% of LTM revenue) includes certified high temperature axial fans and selected products from Nuaire Commercial and Residential product portfolios sold via third party distributors to the Middle East and mainland Europe, as well as low temperature axial fans distributed directly to customers mostly in Northern Europe.

Based on unaudited management accounts, for the twelve months ending in June 2015 Nuaire has generated sales of £63.5 million (up 18.8% vs the same period last year) and EBITDA of £12.8 million (up 29.4% vs the same period last year). Revenue growth has been driven by new and updated products, and strong underlying demand due to the tightening of UK and European building regulation. Revenues for the nine months ended 30 June 2015 increased by approximately 19% compared to the same period in the prior year Margins have continued to improve as Nuaire benefits from the introduction of new product ranges and due to shift towards more complex solutions. EBITDA margin for the nine months ended 30 June 2015 is approximately 20%, and expected to remain broadly at that level going forward. In the twelve months ended September 2014, Nuaire generated EBITDA of £9.7 million on revenues of £56.3 million, significantly outgrowing its addressable market. During the same period, cash flow from operating activities reached £9.9 million.

As at 30 September 2014, Nuaire had gross assets amounting to £69.9 million.

 

Polypipe current trading

Our strategic growth initiatives are delivering on plan in a continued positive market environment in our main UK market, which means we remain confident that the Company will deliver results for the year in line with board expectations. Polypipe will report its interim results for the six months ending 30 June 2015 on 20 August 2015.

 

Conference call for analysts and investors

Polypipe will hold a conference call and webex presentation for investors and analysts at 9am. The dial-in details and webex URL are below:

Participant dial in:           01452 555566
Conference ID:                 3994276

Webex URL:                      https://webconnect.webex.com/webconnect/onstage/g.php?MTID=e2c31b670fd4fe372738bb0b233ac85a1  

The presentation to accompany this call is available on the Reports, results and presentations page on Polypipe's website at http://investors.polypipe.com/.

 

Contacts

Polypipe
David Hall, Chief Executive Officer
Peter Shepherd, Chief Financial Officer
+44 (0) 1709 770 000

Moelis & Company (Financial Adviser)
Mark Aedy
Liam Beere
+44 (0) 20 7634 3542

Brunswick (Investor Relations)
Mike Smith
Azadeh Varzi
Nina Coad
+44 (0) 20 7404 5959

Deutsche Bank (Joint Corporate Broker)
Charles Wilkinson
Adam Miller
+44 (0) 20 7545 8000

Numis (Joint Corporate Broker)
Richard Thomas
Ben Stoop
+44 (0) 20 7260 1000

 

IMPORTANT NOTICE

This announcement includes certain forward-looking statements which are based on Polypipe's or, as appropriate, its directors' current expectations and projections about future events. These forward-looking statements speak only as of the date of this announcement and are subject to risks, uncertainties and assumptions about Polypipe, the Group and Nuaire. The events or circumstances referred to in the forward-looking statements may differ materially from those indicated in these statements, and you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Nothing in this announcement should be taken as a forecast, estimate or projection of the future financial performance of Polypipe, the Group or Nuaire. No undertaking is given to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise.

Moelis & Company UK LLP ("Moelis & Company") is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Deutsche Bank AG ("Deutsche Bank") is authorised under German Banking Law (competent authority: European Central bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of its authorisation and regulation by the Financial Conduct Authority are available on request.  Numis Securities Limited ("Numis") is authorised and regulated in the United Kingdom by the Financial Conduct Authority.  Each of Moelis & Company, Deutsche Bank and Numis is acting solely for the Company and no one else in connection with the Acquisition and they will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for providing advice in relation to the Acquisition and/or any other matter referred to in this Announcement.  Apart from the responsibilities and liabilities, if any, which may be imposed on the Company, Moelis & Company, Deutsche Bank and/or Numis by the Financial Services and Markets Act 2000 or by the regulatory regime established under it, none of the Company, Moelis & Company, Deutsche Bank and Numis nor any of their respective affiliates accepts any responsibility whatsoever for the contents of the information contained in this Announcement or for any other statement made or purported to be made by or on behalf of the Company, Moelis & Company, Deutsche Bank and/or Numis or any of their respective affiliates in connection with the Company or the Acquisition. 

The Company, Moelis & Company, Deutsche Bank and Numis and each of their respective affiliates disclaim all and any liability, whether arising in tort, contract or otherwise (save as referred to above) in respect of any statements or other information contained in this Announcement and no representation or warranty, express or implied, is made by the Company, Moelis & Company, Deutsche Bank or Numis or any of their respective affiliates as to the accuracy, completeness or sufficiency of the information contained in this Announcement.

 

NOTES TO EDITORS

Polypipe is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic pipe systems for the residential, commercial, civils and infrastructure sectors by revenue. The Company operates from 16 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems within its target markets. The Company primarily targets the UK, French and Irish building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQBIGDIXSGBGUS

Completion of Acquisition of Nuaire

RNS Number : 3688W
Polypipe Group PLC
18 August 2015
 

18 August 2015

 

Polypipe Group plc

 

Completion of Acquisition of Nuaire

 

Further to the announcement on 5 August 2015, Polypipe Group plc (the "Group"), a leading manufacturer of plastic piping systems for the residential, commercial, civil and infrastructure sectors, is pleased to confirm that it has now successfully completed the acquisition of Nu-Oval Acquisitions 1 Limited ("Nuaire").

 

The Group will be announcing its interim results for the six months ended 30 June 2015 on 20 August 2015.

 

Contacts:

Polypipe
David Hall, Chief Executive Officer
Peter Shepherd, Chief Financial Officer
+44 (0) 1709 770 000

 

NOTES TO EDITORS

Polypipe is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic pipe systems for the residential, commercial, civils and infrastructure sectors by revenue. The Company operates from 16 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems within its target markets. The Company primarily targets the UK, French and Irish building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQUWAARVVAWAAR

Acquisition of shares for share option schemes

RNS Number : 7011H
Polypipe Group PLC
19 August 2016
 

Polypipe Group plc

Acquisition of shares for fulfilment of SAYE and other share option schemes

  

The Board of Polypipe Group plc ("Polypipe" or the "Company") announces its intention to utilise part of its general authority to make on-market purchases of Polypipe ordinary shares in order to acquire a modest number of shares to satisfy awards made under the Company's SAYE scheme and other options schemes which are due to mature in 2017. The Company intends to hold these shares in treasury.

 

Share purchases will be effected on behalf of Polypipe by Numis and will commence from 22 August 2016 in accordance with Polypipe's general authority to purchase ordinary shares granted by its shareholders at the Polypipe 2016 Annual General Meeting and in accordance with all relevant regulatory requirements.

 

Contacts:

 

Polypipe

Martin Payne, Chief Financial Officer

+44 (0) 1709 770 000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQAKCDKNBKDCFD

Acquisition of Permavoid Limited

RNS Number : 4869Z
Polypipe Group PLC
03 September 2018
 

3 September 2018

Polypipe Group plc

ACQUISITION OF PERMAVOID LIMITED

Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a leading manufacturer of plastic piping and ventilation systems for the residential, commercial, civils and infrastructure sectors, today announces the acquisition of Permavoid Limited ("Permavoid"), a specialist designer and supplier of surface water management solutions in commercial, residential, and sports pitch applications, for an initial cash consideration of £4.0m on a debt and cash free, normalised working capital basis, and further deferred consideration of up to £12.5m depending on the EBITDA performance of Permavoid in the two years to 30 September 2020.

Permavoid's products are uniquely placed to deal with urban water management challenges which are increasing due to the impacts of climate change and urbanisation. Permavoid's core technology is a patented plastic subbase replacement system containing innovative capillary cones capable of storing surface water (to prevent flooding) whilst passively wicking the stored water to irrigate soils and substrates above. The core subbase technology is complemented by further patented solutions for managing surface water runoff from pavements whilst providing treatment to remove oils and other contaminants before discharge. Polypipe currently manufactures and sells Permavoid's products under exclusive licence for the UK and Irish markets.

Key applications for the Permavoid range of products include sustainable urban drainage systems, green infrastructure, Bluegreen roofs, podium decks and sports surface applications, enhancing Polypipe's existing market leading water management solutions product ranges. Permavoid has provided solutions for many large urban water management projects throughout Europe such as the redevelopment of Orlysquare in Amsterdam, phase 1 of the Maankwartier Heerlen development in Holland, and the recent redevelopment of Liverpool Football Club's Anfield stadium.

For the year to 30 September 2018 Permavoid is expected to record revenue of £3.8m and adjusted EBITDA of £0.5m. The acquisition is expected to be earnings enhancing in its first full year after completion.

Commenting on the transaction, Martin Payne, Chief Executive Officer, said "The acquisition of Permavoid is a small but important step towards delivering on our strategic goals. The acquisition brings new intellectual property into the Group with exciting opportunities for further product integration and innovation, allowing Polypipe to enhance its market leading water management and attenuation solutions in the UK, as well as provide opportunities to leverage those market leading solutions in Europe and other markets."

Enquiries:

Polypipe                                                                                               +44 (0) 1709 770 000

Martin Payne, Chief Executive Officer

Paul James, Chief Financial Officer

 

 

Brunswick                                                                                            +44 (0) 2074 045 959

Nina Coad

Nick Beswick

                                                                    

Notes to Editors:

Polypipe is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue.  It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.

 

The Group operates from 17 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQEAPPFDSSPEFF

Acquisition of Manthorpe Building Products

RNS Number : 1162F
Polypipe Group PLC
25 October 2018
 

25 October 2018

Polypipe Group PLC

 

Acquisition of Manthorpe Building Products

Polypipe Group plc ("Polypipe"), a leading manufacturer of plastic piping and ventilation systems for the residential, commercial, civils and infrastructure sectors, today announces the acquisition of Manthorpe Building Products Holdings Limited, ("Manthorpe") a leading designer and manufacturer of moulded and extruded plastic and metal products to the UK and Irish residential and RMI markets, together with associated freehold land and buildings, for a total cash consideration of £52 million on a cash and debt free, normalised working capital basis.

 

Key highlights

§ Manthorpe is a leading provider of moulded and extruded plastic and metal products in the UK and Ireland, with a solid track record of growth, profitability and successful cash flow generation

§ Good strategic fit, broadening Polypipe's UK residential offering in the water and climate management sectors, with differentiated, patented value-adding products

§ Manthorpe and Polypipe have common end users (house developers and RMI) and routes to market (merchants and specialist distributors)

§ Potential for cost and revenue synergies identified

§ Well-invested business with state-of-the-art facilities

§ Expected to be EPS accretive and deliver returns in excess of the cost of capital in the first full financial year of ownership

 

Commenting on the acquisition, Martin Payne, Polypipe Chief Executive Officer, said:

"The acquisition of Manthorpe Building Products is a perfect fit for us, expanding our product platform and market reach in the UK and Irish residential and RMI markets, which, like other parts of our business, are being positively impacted by legislative change. Manthorpe will be integrated into Polypipe's Residential Systems segment, where we will leverage the capabilities and synergies of the combined group to drive growth. We are delighted to welcome Manthorpe's management and employees to Polypipe and look forward to accelerating the strategic development of the enlarged group."

 

The Manthorpe business

Manthorpe is a leading designer and manufacturer of moulded and extruded plastic and metal products to the UK and Irish residential and RMI markets. It sells products across twelve distinct categories, in total producing c. 400 SKUs, with the key revenue contributors being dry fix roofing, residential slot and channel drainage, air leakage, roof ventilation, and loft doors and access panels. It has a strong reputation for developing and patenting innovative new products using advanced processes and technology to provide market leading solutions.

The business is based in Ripley, Derbyshire, UK, from where it sells to a diverse customer base of merchants and specialist distributors across the UK and Ireland, who in turn serve multiple end users such as house developers, roofing contractors and RMI markets. It has approximately 100 employees across sales, R&D, despatch and manufacturing functions.

Manthorpe has a solid track record of growth, profitability and successful cash flow generation. Based on management accounts, it generated revenue of £16.4 million and adjusted EBITDA of £6.3 million for the twelve months ending 30 April 2018.

 

Acquisition rationale

The acquisition is in line with Polypipe's strategy of broadening its market reach in water and climate management solutions, providing a "one stop shop" for our customers, and exploiting the key growth drivers of legislative tailwinds and legacy material substitution. Manthorpe is well-positioned to capitalise on these growth drivers given its range of differentiated, specifiable, value-adding product solutions. Its offering is complementary to Polypipe's existing capabilities and will further Polypipe's market leading positions in the water and climate management spaces.

Polypipe's management expects that the two companies will be able to leverage their respective technical, selling and distribution capabilities and expertise to accelerate the combined company's growth. There are opportunities for both cost and revenue synergies, including, but not limited to, a broader combined product offering and raw material savings.

It is anticipated that the operational management of Manthorpe will remain with the combined business.

 

Terms of the transaction

The total consideration of £52 million on a cash and debt free, normalised working capital basis comprises the entire issued share capital of Manthorpe which will be acquired from the Pochciol family for £44 million, and the freehold land and buildings currently occupied by Manthorpe from Manthorpe Limited, a business also owned by the Pochciol family, for £8 million. The transaction will be funded by a combination of existing cash from the balance sheet and drawdown from existing debt facilities. As at 30 April 2018, Manthorpe had gross assets amounting to £13.6 million, which together with the land and buildings acquired separately for £8 million, means the total gross assets acquired in this transaction is £21.6 million. The transaction was signed and completed on the same day. 

The Company expects the acquisition to be earnings accretive in the first full year of ownership, delivering an attractive return on investment in excess of its cost of capital. Year end 2018 proforma leverage1 of the combined group is expected to be in the region of 1.7 times EBITDA.

 1 Proforma leverage is defined as post acquisition net debt divided by a full 12 month EBITDA of the combined entity.

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No 596/2014. Upon the publication of this announcement via a regulatory information service, the inside information is now considered to be in the public domain.

Current trading

Polypipe's trading to date in the second half of the financial year has been in line with the Board's expectations. Polypipe's scheduled trading update for the ten month period ending 31 October 2018 is on 20 November 2018.

Conference call for analysts and investors

Polypipe will hold a conference call and webex presentation for investors and analysts at 9am UK time on 25 October 2018. The dial-in details and webex URL are below:

Participant dial in:        +44 (0) 2071 928000

Conference ID:             1298655

Webex URL:https://webconnect.webex.com/webconnect/onstage/g.php?MTID=e948c5e43be100cc11b790a02c64eea8a

The presentation to accompany this call is available on the Reports, results and presentations page on Polypipe's website at http://investors.polypipe.com/.

 

Contacts

Polypipe                                                                                                                                              44 (0) 1709 770 000

Martin Payne, Chief Executive Officer

Paul James, Chief Financial Officer

 

Brunswick                                                                                                                                          44 (0) 20 7404 5959
Nina Coad
Nick Beswick

 

 

IMPORTANT NOTICE

This announcement includes certain forward-looking statements which are based on Polypipe's or, as appropriate, its directors' current expectations and projections about future events. These forward-looking statements speak only as of the date of this announcement and are subject to risks, uncertainties and assumptions about Polypipe, the Group and Manthorpe Building Products. The events or circumstances referred to in the forward-looking statements may differ materially from those indicated in these statements, and you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Nothing in this announcement should be taken as a forecast, estimate or projection of the future financial performance of Polypipe, the Group or Manthorpe Building Products. No undertaking is given to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise.

 

NOTES TO EDITORS

Polypipe is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue. It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.

 

The Group operates from 17 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQPGGRGUUPRUUA

Acquisition of Alderburgh group of companies

RNS Number : 2442O
Polypipe Group PLC
01 October 2019
 

 

1 October 2019

Polypipe Group PLC

 

Acquisition of ALDERBURGH Group of companies

Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a leading provider of sustainable water and climate management solutions for the built environment, today announces the acquisition of the Alderburgh Group of companies ("Alderburgh"), a leading designer, manufacturer and installer of plastic injection moulded stormwater attenuation tanks, structural waterproofing and geocellular membranes, gas barrier and ventilation materials, supplying the UK, Irish and Scandinavian markets, for a total cash consideration of £14 million on a cash and debt free, normalised working capital basis.

 Key highlights

§ A good strategic and cultural fit, broadening Polypipe's Water Management Systems (WMS) offer, in particular the Versavoid stackable attenuation cell system and Pluvial cube system, complementing Polypipe's Polystorm and Permavoid ready-assembled attenuation systems

§ A solid track record of growth, profitability and successful cash flow generation

§ Through its Solutek specialist installation service, provides Polypipe exposure to the high-growth supply and fit market for assemble on site systems, having to date competed mostly in the supply-only part of the market

§ Versavoid and Pluvial cube are made from recycled plastic, increasing the Group's overall use of recycled materials and reinforcing its ESG credentials

§ Potential for cost and revenue synergies identified

§ Well-invested business with state-of-the-art facilities

§ Expected to be EPS accretive and deliver returns in excess of our cost of capital in the first full financial year of ownership

Commenting on the acquisition, Martin Payne, Polypipe Chief Executive Officer, said:

"The acquisition of Alderburgh is another step forward in the Group's stated strategy of filling product gaps and adjacencies, expanding our platform and market reach in the UK, and providing a "one stop shop" for our customers.  Like other parts of our business, the Water Management Systems market is being positively impacted by legislative change, and this acquisition gives Polypipe further exposure to this growing segment of the market. Alderburgh will be integrated into Polypipe's Commercial and Infrastructure Systems segment, where we will focus the capabilities and synergies of the combined group to drive growth. We are delighted to welcome Alderburgh's management and employees to Polypipe. With our solid organic growth drivers, successful acquisitions track record, and a continued healthy pipeline of bolt on acquisitions, the Board believes we have a clear, deliverable strategy that will continue to create excellent shareholder value."

 The Alderburgh business

Alderburgh is a leading designer, manufacturer, and installer of plastic injection moulded stormwater attenuation tanks, structural waterproofing and geocellular membranes, gas barrier and ventilation materials, supplying mainly to the to the UK market.

Alderburgh sells products across six distinct categories, with c.80% of revenues derived from its geocellular attenuation systems, the stackable Versavoid system, and the Pluvial cube system. These products help address the requirements of the Sustainable Urban Drainage regulations by creating load-bearing tanks underground to store stormwater and let it drain away naturally, rather than letting stormwater rush into the watercourse creating flood events downstream.

Unlike Polypipe's Polystorm and Permavoid systems which are manufactured as single finished cells, Alderburgh's Versavoid system is a stackable system, which means individual parts of the cell can be nested for transportation and assembled on site, which in certain situations can provide a more cost effective and lower carbon emission solution. Furthermore, through its Solutek specialist installation service, Alderburgh offers a supply and fit solution to customers, something that has become increasingly popular in recent years and that to date Polypipe has not participated in.

The business is based in Rochdale, Lancashire, UK, where it has a 68,000 sq ft manufacturing facility mainly injection moulding the geocellular attenuation cells. It has approximately 100 employees across sales, R&D, despatch and manufacturing functions.

Alderburgh has a solid track record of growth, profitability and successful cash flow generation. For the year to 30 September 2019, the business is forecast to generate revenue of £17.0 million and adjusted EBITDA of £2.1 million.

Acquisition rationale

The acquisition is in line with Polypipe's strategy of broadening its market reach in water and climate management solutions, providing a "one stop shop" for our customers, and exploiting the key growth drivers of legislative tailwinds and legacy material substitution. Furthermore, it provides exposure to the emerging high-growth supply and fit market, which Polypipe can leverage further. Alderburgh is well-positioned to capitalise on these growth drivers given its range of differentiated, value-adding product and service offering that is complementary to Polypipe's existing capabilities and will enhance Polypipe's market-leading positions in the water and climate management spaces.

Polypipe's management expects that acquiring Alderburgh will enable both companies to leverage their respective technical, selling and distribution capabilities and expertise to accelerate growth. There are opportunities for both cost and revenue synergies, including, but not limited to, a broader combined product offering and raw material savings.

It is anticipated that the operational management of Alderburgh will remain with the combined business.

Terms of the transaction

The total consideration of £14m million on a cash and debt free, normalised working capital basis comprises the entire issued share capital of Alderburgh Ltd., Alderburgh Ireland Ltd., Solutek Environmental Ltd. and Environmental Sustainable Solutions Ltd. from Peter Davidson and others. The transaction will be funded by a combination of existing cash from the balance sheet and drawdown from existing debt facilities, with proceeds paid on completion.

The Company expects the acquisition to be earnings accretive in the first full year of ownership, delivering an attractive return on investment in excess of its cost of capital.

  

Contacts

Polypipe                                                                                                                                              44 (0) 1709 770 000

Martin Payne, Chief Executive Officer

Paul James, Chief Financial Officer

 

Brunswick                                                                                                                                          44 (0) 20 7404 5959
Nina Coad
Dan Roberts

 

IMPORTANT NOTICE

This announcement includes certain forward-looking statements which are based on Polypipe's or, as appropriate, its directors' current expectations and projections about future events. These forward-looking statements speak only as of the date of this announcement and are subject to risks, uncertainties and assumptions about Polypipe, the Group and the Alderburgh Group of companies. The events or circumstances referred to in the forward-looking statements may differ materially from those indicated in these statements, and you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Nothing in this announcement should be taken as a forecast, estimate or projection of the future financial performance of Polypipe, the Group or the Alderburgh Group of companies. No undertaking is given to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise.

 

NOTES TO EDITORS

Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a leading provider of sustainable water and climate management solutions for the built environment, is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue.  It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.

 

The Group operates from 18 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets with a presence in Italy, the Netherlands and the Middle East and sales to specific niches in the rest of the world.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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ACQURSRRKVAKOUR

Acquisition of Nu-Heat and Trading Update

RNS Number : 6335N
Polypipe Group PLC
02 February 2021
 

2 February 2021

Polypipe Group plc

Acquisition of Nu-Heat (Holdings) Limited and Trading Update

 

Polypipe Group plc ("Polypipe", "The Company" or "Group"), the leading manufacturer of water management and climate management solutions, is pleased to announce its acquisition of Nu-Heat (Holdings) Limited ("Nu-Heat"), the leading supplier of sustainable underfloor heating solutions, air and ground source heat pumps, and other renewable heating systems, for a total consideration of £27 million on a cash-free, debt-free basis.

Key Highlights

-      Market leading position, complementary to the Group's existing portfolio of brands

-      Solid track record of growth, profitability and good cash flow generation

-    Further expands the Group's proposition of climate management solutions, with a fast-growing position in packages involving renewable energy sources and strengthening the Group's sustainability credentials

-   Creates added value via integration with Nuaire Mechanical Heat and Ventilation Recovery systems with potential for revenue and cost synergies

-   Consistent with Group focus on segments which provide above-average growth rates and benefit from sustainability-linked growth drivers

-     Expected to be EPS accretive and deliver returns in excess of the cost of capital in the first full financial year of ownership

-      Strong management team, and a focus on technical expertise, with strong cultural fit

 

Commenting on the acquisition, Martin Payne, Polypipe Chief Executive Officer, said:

"I am delighted to announce the acquisition of Nu-Heat, which aligns with our key growth drivers, including our focus on low carbon heating and solutions for the environmental challenges facing the built environment. This acquisition will enable us to further develop our underfloor heating capabilities, and to develop new and exciting ways to integrate underfloor heating, heat pumps, and air-based climate management systems.  The Nu-Heat team have fantastic technical and application knowledge, and I would like to welcome them to the Polypipe Group."

Also commenting on the acquisition, David Roberts, Managing Director of Nu-Heat, said:

"We are delighted to be joining Polypipe, with which we share a similar culture and values. We look forward to being better positioned to deliver more sustainable solutions to customers and greater opportunities for our people as part of the Polypipe Group."

The Nu-Heat Business

Nu-Heat is based in Honiton, Devon, and was established in 1992. The business has a strong track record of revenue and earnings growth. Nu-Heat is a UK market leader in the design and supply of underfloor heating systems. In recent years, the business has developed a position in the supply of heat pumps and solar heating, to offer complete heating systems based on renewable energy.  In the last three years, these renewable solutions have been the fastest-growing part of the portfolio, now accounting for 23% of total installations. Nu-Heat employs 90 people, primarily involved in sales, technical support, marketing and distribution.  Nu-Heat was the subject of a successful MBO backed by Bestport Private Equity and Ethos Partners in May 2017.

The Nu-Heat business has a strong track record of profitability and cashflow generation. For the twelve months ended 31 December 2020, it generated revenue of £16.0 million and reported EBITDA of £3.1 million.

Acquisition rationale

The acquisition is in line with our strategy of broadening our market reach in climate management solutions. The Nu-Heat business is consistent with our focus on low or zero carbon heating as a growth driver and allows us to leverage our existing capabilities to support growth. The Nu-Heat business is a profitable, cash-generative business that has product differentiation, IP and expertise to support value-added services. It is well positioned in the residential sector, driving its mix of growth increasingly towards renewables. It is complementary to Polypipe's existing market leading positions and capabilities. There are opportunities for its technologies to be combined with Nuaire technologies. The management team will remain with the combined business.

Terms of Transaction

The total consideration of £27 million on a cash-free and debt-free, normalised working capital basis comprises the entire share capital of Nu-Heat (Holdings) Limited.  The transaction is being funded via existing debt facilities, and total proceeds are paid on completion. The acquisition is expected to be earnings-accretive in the first full year of ownership, and to provide returns in excess of the Group's cost of capital.

Polypipe Group plc Trading Update

Further to the update announced on 14 December 2020, the Group confirms that trading continued to recover throughout the end of the month, with underlying operating profit for the year ended 31 December 2020 slightly ahead of the previous guidance of c.£40 million and with this momentum continuing into the new year without any material impact from the third national lockdown. We have also had continued good delivery of cashflow, with net debt at c.£30 million at the end of the year.

Polypipe Group plc intends to issue its preliminary full year results on 16th March 2021.

 

 

Enquiries:

Polypipe

Martin Payne, Chief Executive Officer

Paul James, Chief Financial Officer

 

+44 (0) 1709 772 204

Brunswick

Nina Coad

Charles Pretzlik

Sophia Lazarus

+44 (0) 20 7404 5959

 

A copy of this announcement will be available on our website www.polypipe.com today from 0700hrs (GMT).

 

Notes to Editors:

Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a leading provider of sustainable water and climate management solutions for the built environment, is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue. It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.

The Group operates from 19 facilities in total, and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets with a presence in Italy, the Netherlands and the Middle East and sales to specific niches in the rest of the world.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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ACQGZGGZZMFGMZZ

Acquisition of ADEY

RNS Number : 6796O
Polypipe Group PLC
10 February 2021
 

THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

For immediate release. 

10 February 2021

 

Polypipe Group plc

 

 

Acquisition of ADEY

 

 

Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a leading provider of sustainable water and climate management solutions for the built environment, today announces that it has entered into an agreement to acquire London Topco Limited ("ADEY") from mid-market private equity firm LDC and other existing ADEY shareholders (collectively, the "Sellers") for a cash consideration of £210 million on a debt-free and cash-free basis (the "Acquisition"). ADEY is the UK's leading provider of magnetic filters, chemicals and related products, which protect against magnetite and other performance issues in water-based heating systems and improve energy efficiency, operating in predominantly residential end markets.

 

The consideration will be funded via a combination of the Group's existing debt facilities and the proceeds of an equity placing, representing c.8.2% of Polypipe's issued share capital (the "Placing"). The Placing is being conducted through an underwritten accelerated bookbuilding process which will be launched immediately following release of this Announcement.

 

Transaction Highlights

 

·     Acquisition of the UK market leader in solutions used to protect water-based heating systems, with a strong track record of growth, profitability and successful cash flow generation

·    Strong strategic fit, broadening Polypipe's UK residential offering in sustainable water and climate management, with premium, high value-added solutions

·     Broadens and strengthens existing relationships with key end-users (housing developers and plumbing and heating installers) and routes to market (merchants and specialist distributors)

·     Significant growth opportunities across the combined business, driven by environmental and regulatory tailwinds, consistent with Polypipe's strategic focus on segments that provide above-market growth rates

·      Complements Polypipe's focus on opportunities consistent with ESG and sustainability objectives 

·      ADEY's existing management team, with whom there is a strong cultural fit, will remain with the business

 

Financial Highlights

 

·      Consideration of £210 million1 on a cash-free and debt-free basis, equivalent to 11.8x 2020E EV/EBITDA2

·      Expected to be double-digit EPS accretive in the first full year of ownership

·      ROIC expected to be in line with Polypipe's WACC in the second full year of ownership

 

Commenting on the Acquisition, Martin Payne, Polypipe Chief Executive Officer, said:

 

"We are delighted to announce the acquisition of ADEY. Polypipe's strategy is to grow both organically and through carefully selected value-enhancing acquisitions, with a particular focus on sustainability and sectors within climate and water management. ADEY is a pioneer and market leader in the residential heating protection market, one of the fastest growing segments of the UK construction market, underpinned by a shift towards more energy-efficient heating systems and regulatory tailwinds. Like Polypipe, it has a strong track record of innovation and new product development, with the Acquisition strengthening the proposition for our customers and accelerating Polypipe's growth. We welcome ADEY's management and employees and look forward to working with them over the coming years."

 

Also commenting on the Acquisition, Matthew Webber, ADEY Chief Executive Officer, said:

 

"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."

 

The ADEY Business

 

Established in 2003 and based in Gloucester, UK, ADEY is a leading provider of magnetic filters, chemicals and related products, which protect against magnetite and other performance issues in water-based heating systems, improve energy efficiency and extend boiler life, operating in predominantly residential end markets. ADEY also provides advanced water testing services from its UKAS-accredited laboratories.

 

ADEY has a proven track record of delivering growth ahead of the underlying UK construction market. In the year ended 31 December 2020, ADEY reported (unaudited) revenue of £51 million and Underlying EBITDA3 of £18 million. Despite the disruption to operations caused by COVID-19, ADEY delivered c.5% net revenue growth in the year ended 31 December 2020. ADEY has achieved net revenue of 7% CAGR over the past three financial years and an average EBITDA margin of 33% over the same period, which is best in class when compared to ADEY's main competitors. ADEY averaged cash flow conversion4 of c.80% over the past three financial years.

 

Acquisition Rationale

 

The Acquisition is in line with Polypipe's strategy of broadening its market reach in climate management and water management. Similar to the recent acquisition of Nu-Heat announced on 2 February 2021, the ADEY business is also consistent with Polypipe's focus on low or zero carbon heating as a growth driver and allows the Group to leverage its existing capabilities to support growth. The ADEY business is a market leading manufacturer of filters, chemicals and related products used to protect water solutions in the UK, with 70% market share of the residential filter market. ADEY is well-positioned to benefit from the future development of heating technologies as the UK government works towards its sustainability agenda to reach net zero carbon footprint by 2050. The residential boiler protection market is one of the fastest growing segments of the UK construction market, driven by a shift towards more energy-efficient boilers. Amendments to Part L of the Building Regulations, which is expected to be implemented by 2022, and the Benchmark Scheme is set to drive greater adoption of filters and chemicals by installers. Approximately 75% of UK heating systems are not adequately protected by a filter. ADEY is complementary to Polypipe's existing market-leading positions and capabilities in the UK, with largely common end-users (housing developers and plumbing and heating installers) and routes to market (merchants and specialist distributors). ADEY is UK-focused, deriving 90% of its revenue from its UK operations, with international growth opportunities into geographies witnessing similar growth drivers to the UK. ADEY will be reported as part of the Residential Systems division and will continue to be led by the existing, highly experienced management team. There are potential opportunities for ADEY's technology to be combined with Polypipe's broader product offering, including with the recently acquired Nu-Heat business.  

 

Terms of Transaction

 

The total consideration of £210 million on a cash-free and debt-free, normalised working capital basis is for the entire share capital of London Topco Limited. The transaction will be funded by a combination of existing debt facilities and the proceeds of an equity placing. The transaction was signed and completed on the same day. It is expected that following the successful completion of the Placing, pro-forma 2021 year end leverage will be below 1.5x.

 

The Company expects the Acquisition to result in double-digit accretion to earnings per share in the first full year of ownership and achieve returns in line with Polypipe's cost of capital in the second full year of ownership. This statement is not meant or intended to be a profit forecast and should not be interpreted to mean that the earnings per share of Polypipe following completion of the Acquisition will necessarily be above or below the historical published earnings per share.

 

The Acquisition constitutes a Class 2 transaction pursuant to the UK Listing Rules. For the purposes of the LR 10.4.1 R (Notification of class 2 transactions), the value of the gross assets of ADEY was £130.4 million at 31 December 2020.

 

 

Notes:

 

1.            Based on locked-box accounts at 30 September 2020

2.            Based on unaudited management accounts

3.           Underlying EBITDA is operating profit from continuing operations before exceptional items, intangibles, amortisation and depreciation

4.            Defined as (Underlying EBITDA - capex) / Underlying EBITDA

 

 

Further Information

 

Polypipe will hold a webcast presentation for investors and analysts at 08.30am (GMT) on Thursday 11 February 2021. Please access the presentation on the below link.

 

Webcast URL:       https://www.investis-live.com/polypipe/6021516f9a13881000b925dd/pdre

 

We recommend you register by 08.15am (GMT). Details of the conference call dial-in numbers for questions and answers will be given at the end of the webcast presentation.

 

The presentation is also available on the Reports, results and presentations page on Polypipe's website at http://investors.polypipe.com/.

 

Enquiries:

 

Polypipe

Martin Payne, Chief Executive Officer

Paul James, Chief Financial Officer

+44 (0) 1709 770 000

 

Moelis & Company (Financial Advisor to Polypipe)

Mark Aedy

Liam Beere

Andrew Welby

 

Deutsche Bank (Joint Global Coordinator and Joint Corporate Broker)

Charles Wilkinson

Anna Mills

Mark Hankinson

 

Numis Securities (Joint Global Coordinator and Joint Corporate Broker)

Heraclis Economides

Richard Thomas

Ben Stoop

Hannah Boros 

 

 

+44 (0) 20 7634 3500

 

 

 

 

+44 (0) 20 754 58000

 

 

 

 

 

+44 (0) 20 7260 1000

Brunswick

Nina Coad

Charles Pretzlik

Sophia Lazarus

 

 

+44 (0) 20 7404 5959

This Announcement should be read in its entirety. In particular, you should read and understand the information provided in the "Important Notices" section of this Announcement.

IMPORTANT NOTICES

This Announcement and the information contained in it is restricted and is not for release, publication, distribution or forwarding, in whole or in part, directly or indirectly, in or into any jurisdiction in which such publication, release or distribution would be unlawful.

This Announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Canada, Australia, South Africa, Japan, New Zealand or any other jurisdiction in which the same would be unlawful. No public offering of equity securities in connection with the equity fundraising referred to in this Announcement is being, or will be, made in any such jurisdiction.

Certain statements contained in this Announcement constitute "forward-looking statements" with respect to the financial condition, results of operations and businesses and plans of the Group. Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "will", "would", "could", "considered", "likely", "estimate" and variations of these words and similar future or conditional expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon future circumstances that have not occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. No statement in this Announcement is intended to be, nor may it be construed as, a profit forecast or be relied upon as a guide to future performance. The forward-looking statements contained in this Announcement speak only as of the date of this Announcement. The Company expressly disclaims any obligation or undertaking to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation,

Moelis & Company UK LLP ("Moelis & Company"), which is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom, is acting exclusively for Polypipe as exclusive financial adviser and for no one else in connection with the matters described in this Announcement and will not be responsible to anyone other than Polypipe for providing the protections afforded to clients of Moelis & Company nor for providing advice in connection with the matters referred to herein. Neither Moelis & Company nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Moelis & Company in connection with this Announcement, any statement contained herein or otherwise.

Deutsche Bank AG, London Branch ("Deutsche Bank") is authorised and regulated by the European Central Bank and by BaFin, the German Federal Financial Supervisory Authority, and, with respect to activities undertaken in the United Kingdom, is authorised by the Prudential Regulation Authority ("PRA") with deemed variation of permission, and is subject to regulation in the United Kingdom by the FCA and limited regulation by the PRA. Numis Securities Limited ("Numis") is authorised and regulated in the United Kingdom by the FCA. Each of Deutsche Bank and Numis is acting exclusively for the Company and for no one else in connection with the Placing and the Acquisition and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Placing, the Acquisition or other matters referred to in this Announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for giving advice in relation to the Placing, the Acquisition or any other matter referred to in this Announcement.

This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Deutsche Bank or Numis or by any of their respective  affiliates or any person acting on its or their behalf as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this Announcement.

This Announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.

Notes to Editors

 

Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a leading provider of sustainable water and climate management solutions for the built environment, is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civil and infrastructure sectors by revenue.  It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.

 

The Group operates from 19 facilities in total and with over 20,000 product lines, manufactures the UK's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets, has a presence in Italy, the Netherlands and the Middle East and also sells its products to specific niche markets in the rest of the world.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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