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RSM UK has advised leading smart home thermostat manufacturer, Heatmiser, on its sale to IMI plc, a specialist engineering company, for an enterprise value of £110m.
Established in 1968, Heatmiser is a family-owned business and operates from its head office in Lancashire. Founded by Gordon Kay, the business is currently managed by Martyn and Sarah Kay and has become a leading manufacturer of smart controls for radiant systems in the UK.
The company dispatches the majority of its products to the UK, with additional markets in Europe, Australia, New Zealand, South Africa, and China. The company also operates from a subsidiary in Beijing.
IMI plc is a global engineering company offering specialist services in designing, manufacturing, and servicing products, including motion and fluid control technologies and hydronic distribution systems. The company has manufacturing facilities in 19 countries and employs around 10,000 people.
Heatmiser will become part of IMI Hydronic Engineering, a leading global supplier of energy-efficient products and solutions for heating and cooling systems. Heatmiser will strengthen IMI Hydronic’s thermostatic control offering and support Heatmiser’s long-term growth plans to scale across Europe.
The acquisition also aligns with IMI plc’s vision to engage with new technologies to innovate and provide safe, clean, and efficient engineering solutions. Both Martyn and Sarah Kay will remain in the company and continue to manage the business as part of IMI Hydronic.
The RSM UK deal team was led by corporate finance partner Steve Hubbard, with support from corporate finance manager Jonny Bywater, and RSM’s tax teams in the UK (Steve Brown and Rob Harris) and China (Jessie Yang).
DLA Piper provided legal advice throughout the process, involving colleagues from the Manchester, Hong Kong and Shanghai offices. The DLA Piper team was led by Manchester based partner Jonathan Watkins and associate Ben Wilson, with partner David Thompson providing tax support.
Steve Hubbard, corporate finance partner at RSM UK, said: “At a time of rapid growth in the smart home energy market, this transaction has brought together a leader in underfloor heating controls and a multinational with the business infrastructure and resources to develop the business further in the global market.
“The transaction demonstrates the resources available at RSM in the UK and internationally to deliver outstanding results for our clients.”
