The business which employs more than 70 has been acquired by Lifeboat Capital.
Consort Equipment Products deal left to right; r Kyle Marlow-Spalding Gareth Davies Ed Spankie Mike Collis and Taha Afshar.(Image: )
One of UK’s leading manufacturers of electric heaters, Pembrokeshire-based Consort Equipment Products, has been acquired by family-owned investment firm Lifeboat Capital. The deal was backed by a seven-figure debt funding package from Frontier Development Capital (FDC) and other investors.
The value of the deal has not been disclosed
Consort supplies heaters to electrical wholesalers UK-wide under the Consort and Claudgen brands, and manufactures own-brand products for leading suppliers. Following the acquisition, the current management team headed by managing director, Gareth Davies, will continue to lead the growth of the business.
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The deal provides an equity exit for former managing director, Edward Spankie, and materials director, Chris Baggs. They will though continue to support the business in a consultancy role.
The deal also provides capital to support the firm’s expansion.
Established in 1966, Consort employs over 70 staff and manufactures over 250 product lines ranging from fan and panel heaters to air curtains and towel rails. The company has invested heavily in its modern 90,000 sq ft factory in Milford Haven and regularly introduces new products, with recent additions including wi-fi enabled heaters controlled by a mobile app.
The acquisition is the third to date by Lifeboat Capital, which was founded in 2019 and is the family office of the Afshar family. Lifeboat – which focuses on long-term investments in niche, high-quality UK businesses – also owns Southend-based Formara Print & Marketing and Oldham-based stockinette manufacturer Appletex.
Dr Taha Afshar, chief investment officer at Lifeboat, said: “Lifeboat is committed to strengthening British manufacturing businesses and supporting the transition to a low-carbon future. With its efficient electric heating solutions and a track record for quality and innovation, Consort aligns strongly with our values and goals.
“The company will continue to operate as an independent business, and with the benefit of additional investment to support its long-term growth. Our vision is to be the definitive choice for sustainable, reliable and innovative electric heating.”
