Radiators group Stelrad readies for IPO ahead of winter months

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Radiators maker Stelrad is expected to announce plans to join the London Stock Exchange over the coming days.


The designer and manufacturer, which has facilities in Yorkshire, the Netherlands and Turkey, is eyeing a valuation of GBP350mln.


The UK-based group posted underlying operating earnings of GBP35mln last year with revenues of GBP220mln, The Times reported.


It makes 6mln steel-panel radiators a year, which account for a quarter of demand in Europe, and over half of its production stays in the UK.


It’s being sold by private equity firm Bregal, which bought it from fellow private equity group Warburg Pincus in 2013.


Bregal owns 80% while the remainder is held by chief executive Trevor Harvey and senior management.


It initially acquired Stelrad alongside household boiler maker Ideal, which was later sold to a French company.

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