23 December 2022
Established in 1968 by Gordon Kay, Heatmiser was originally a local electrical contracting business based in Blackburn, Lancashire. Now managed by Gordon’s son and daughter, Martyn and Sarah Kay, Heatmiser is one of the UK’s leading smart heating component manufacturers. With operations in the UK and China, Heatmiser designs and manufactures smart thermostats and underfloor heating controls for a range of heating installers and equipment manufacturers, providing both standard and custom-designed products.
With 38 locations across the globe, IMI Hydronic, a division of IMI plc, provides a range of utility and infrastructural engineering products, including thermostats, valve and pressure controls, and prefabricated valve units. The acquisition allows IMI to expand its product range into innovative, smart room thermostats and underfloor heating control products.
RSM’s M&A team was appointed to advise the shareholders on the transaction.
Their role included leading negotiations, due diligence support, and assisting with commercial structuring and documentation. The M&A team worked closely with RSM’s tax teams in both the UK and China.
M&A team: Steve Hubbard, Jonny Bywater, Clare Martin, and Tom Sheerin.
Tax team: Steve Brown, Rob Harris, Camilla Taylor, Jessie Yang, and Juan Min.
‘This was a complex transaction and the advice from RSM enabled us to make informed decisions about the project. The ability to have a joined-up approach between the UK and China was critical to achieve the desired outcome.’
Martyn Kay, Owner - Heatmiser UK Limited