Epiris today announces that Epiris Fund II, advised by Epiris LLP, has acquired Stuart Turner, a leading manufacturer of pumps and water-boosting products. This is Fund II’s ninth investment. Financial terms are not being disclosed.
Founded in 1906 and headquartered in Henley-on-Thames, Stuart Turner supplies water-boosting products that manage water pressure in residential and commercial applications. These range from domestic shower pumps, where the company’s Monsoon product is the UK market leader, to bespoke systems that combine cold-water boosting, pressurisation units and circulators to manage the supply of hot and cold water in commercial buildings and for industrial purposes. Stuart Turner is led by Chief Executive Richard Harden.
Charles Elkington, Partner at Epiris, said:
“Stuart Turner is a strong platform with a tremendous opportunity ahead, not only to become the leading provider of water-boosting solutions in the UK, but also to take this expertise into international markets. We look forward to working with Richard and his team to build on Stuart Turner’s rich heritage of product innovation and manufacturing excellence.”
Alex Fortescue, Managing Partner at Epiris, said:
“The investment in Stuart Turner is the ninth acquisition made by Fund II and, as with the previous eight, is exactly in line with Epiris’ strategy - this business offers a clear transformation opportunity based on accelerating growth through investment and M&A.”
Richard Harden, CEO of Stuart Turner, said:
“Epiris has a strong track record in backing building products companies. We are all excited to begin working with Charles and his team to grow Stuart Turner through further product innovation and investment.”
The Epiris team on the deal is Charles Elkington, Aaron Atwal, Zoe Lai, Thayne Forbes, Grace Knight and Elle Wilkinson. Epiris is advised by Lincoln International, Macfarlanes and EOS Deal Advisory.
For Epiris LLP please contact:
Greenbrook Communications
Robert White, Matthew Goodman, Daniel Oliver
+44 (0)20 7952 2000
About Epiris
Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Fund I
Between 2011 and 2016 Epiris invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Synthetic net returns from this portfolio are in the top-decile of European private equity funds of comparable vintages.
Fund II
Epiris Fund II is an institutional private equity fund raised in 2017. Investments made by Fund II include Portals, one of the world’s leading manufacturers of “substrate” for banknotes; TI Media, one of the largest consumer magazine publishers in the UK, which the Fund sold to Future plc for £140 million in April 2020, generating a return of 2.1x MOIC, a 44% IRR; The Club Company, the UK’s largest country club operator; Bonhams, the global auction house; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; IFG, a financial services business comprising James Hay, which provides investment platform services, as well as Saunderson House, an independent wealth manager and financial adviser which the Fund sold to Rathbone Brothers Plc for £150 million in October 2021; The Big Table, a leading UK restaurant operator; and Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture.
For further information, please visit www.epiris.co.uk.
Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.
*As at 30 September 2021. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.