Builders merchants group Travis Perkins has sold its plumbing & heating division, which includes PTS Plumbing Trade Supplies and City Plumbing Supplies to H.I.G Capital.
The sale follows the demerger of Wickes, last month and the sale of plumbing & heating wholesaler Primaflow F & P in January 2020.
Nick Roberts, Travis Perkins Chief Executive, said: “Today marks another important step on our journey to becoming a simplified Group, focused on our market leading trade businesses. A significant amount of work has gone into improving the P&H business over the last few years and I am sure that the business will continue to make excellent
progress under the ownership of H.I.G.
“I would like to thank all of our colleagues in the P&H business for their commitment and hard work whilst part of the Travis Perkins Group, particularly during what has been an extremely challenging year, and I wish them all the best for the future.
“Following on from the demerger of Wickes in April 2021, the Group has now executed the planned actions to simplify its portfolio and the strength of the Group’s balance sheet enables us to return the net proceeds to shareholders.
“Looking forward, the Group has a bright future as the leading provider of building products in the UK and we look forward to setting out our plans later in the summer to continue to drive growth.”
In the year ended 31 December 2020, P&H generated revenue of £1,041 million, adjusted operating profit of £17.9 million* and a loss before tax of £1.7m. Gross assets at 31 December 2020 were £580 million.