AmbiRad sold in £18m US deal
Brierley Hill-based manufacturer AmbiRad has been sold to a US company in an £18m deal. The Birmingham office of Clearwater Corporate Finance advised the sale.
AmbiRad, which supplies energy efficient heating systems, has been acquired by Thomas & Betts Corporation. Tennessee-based Thomas & Betts is a $2bn turnover business specialising in the supply of electrical power components.
Founded in 1979, AmbiRad has grown to secure annual sales of £30m. Its AmbiRad, Airbloc and Nordair Niche-brand products are sold throughout Europe, and the company has three principal manufacturing locations in Brierley Hill, Kent and mid-Wales.
Clearwater Corporate Finance, led by partner Jon Hustler and director Gareth Iley, acted as advisor to AmbiRad on the transaction. Cradley Heath-based George Green Solicitors also advised AmbiRad.
Jon Hustler, partner and head of industrials at Clearwater, said: "The acquisition confirms that quality UK-based manufacturing businesses remain attractive assets for overseas corporates."
The deal is Clearwater’s sixth industrial transaction in 2011.
