IMI to acquire Heatmiser for £110m

By Tim Aldred

08 Nov 2022

heatmiser.jpeg

Heatmiser, which ranked as the red rose county's fourth most profitable SME in Lancashire Business View's latest Hot 100, is set to be acquired by IMI plc for at least £110m.

Blackburn-based Heatmiser was founded in 1968 developing thermostatic control products for residential buildings and has enjoyed success in recent years by pioneering smart thermostat technology.

In its most recent accounts, the company generated £7.8m pre-tax profit on revenues of £18.1m. It employed a workforce of 100. In the financial year to December 2022, Heatmiser is expected to increase revenues to around £22.5m.

The company was founded by Gordon Kay and remained within the family with Martyn and Sarah Kay at the helm, who will remain in the business.

The proposed initial fee for the sale is £110m, with up to a further £8m based on Heatmiser’s future financial performance. Heatmiser will become part of IMI Hydronic Engineering.

IMI is a Birmingham-based specialist engineering company which designs, manufactures and services highly products that control the precise movement of fluids.

IMI employs around 10,000 people, has manufacturing facilities in 19 countries and operates a global service network. 

Roy Twite, chief executive of IMI, said: "This is an important, strategic entry point to the rapidly growing connected controls market, that will accelerate our organic growth across IMI Hydronic.

"There has never been more urgency to deliver energy efficiency and comfort in buildings, and Heatmiser is a leader in this space. I want to personally thank the Kay family for their commitment to the transaction and welcome the entire Heatmiser team into IMI.”

Martyn Kay and Sarah Kay said: "We feel very proud of the business we have created at Heatmiser and we want to say a big thank you to our team for helping us achieve a market leading position.

"By listening to our customers and reacting to market change, we have become one of the UK’s leading HVAC control brands and we are excited about joining the IMI family and the opportunities this will bring. We are particularly excited about the growth potential of the business in new territories and our joint vision of creating a better more energy efficient world."

Enjoyed this? Read more from Tim Aldred

Latest news

1

PR agency wins third consecutive award for public sector work Viva Wins Third Public Sector Award

PR agency wins third consecutive award for public sector work

20 Jun 2024

2

Burnley aerospace firm eyes global growth with new CFO Rob Smith Of Velocity Composites

Burnley aerospace firm eyes global growth with new CFO

20 Jun 2024

3

Women's health in the workplace: the impact of the symptoms impact.png.png

Women's health in the workplace: the impact of the symptoms

20 Jun 2024

4

Are you aware of the consequences of dying without a will? Sara Jane Chorkley DRN

Are you aware of the consequences of dying without a will?

20 Jun 2024

5

Nybble makes senior client relationships hire Charlotte Knowles Nybble

Nybble makes senior client relationships hire

20 Jun 2024

Lbv116 Ltb Strip980
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Free 4 Week Growth Ignition Coaching Programme
UCLan Primary logo RKE.png.png
LBV Hub Seminars
19 Jun 2024 - 03 Jul 2024

Free 4 Week Growth Ignition Coaching Programme

Online, Preston, PR1 2HE

12:00 - 13:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
20 Jun 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

THE ABSOLUTELY FABULOUS COMEDY DINNER SHOW
AbFab Social Post.jpg.jpg
LBV Hub Social
20 Jun 2024 - 20 Jun 2024

THE ABSOLUTELY FABULOUS COMEDY DINNER SHOW

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

18:30 - 23:00

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
20 Jun 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
21 Jun 2024

Business Networking in Preston - BNI Brunch

Samlesbury Preston Hotel, Preston New Road, Preston, PR5 0UL

09:30 - 11:00

June Preston Freelancer Meet-Up and Coworking
Screenshot 2024-06-13 at 14.03.18.png.png
LBV Hub Networking
21 Jun 2024 - 21 Jun 2024

June Preston Freelancer Meet-Up and Coworking

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 12:00

Moonlight & Memories Walk 2024, St Catherine's Hospice
Moonlight2024.jpg.jpg
LBV Hub Fundraisers
22 Jun 2024 - 22 Jun 2024

Moonlight & Memories Walk 2024, St Catherine's Hospice

St Catherine's Hospice, Preston, PR5 5XU

18:00 - 23:00

Yellow Day 2024 St Catherine's Park
YRD 2024_TV screen_V02.jpg.jpg
LBV Hub Fundraisers
23 Jun 2024

Yellow Day 2024 St Catherine's Park

St Catherine's Hospice, Preston, Lancashire

10:45 - 16:00

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
23 Jun 2024

Chamber Breakfast Networking

Whitewells Catering Supplies, Heysham, LA3 2XE

08:00 - 10:00

Adult Mental Health First Aid - Online Course
Youth MHFA.png.png
LBV Hub Seminars
25 Jun 2024

Adult Mental Health First Aid - Online Course

MS Teams, N/A, N/A

10:00 - 12:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
25 Jun 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin