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Feeling flush after investment

Private equity provider LDC, which looks to invest £400 million a year in UK businesses run by ambitious management teams, has backed the MBO of ADEY, Europe’s largest water treatment manufacturer serving the domestic and commercial heating sectors. ADEY, which is headquartered in

Cheltenham, offers a family of products designed to clean, flush, maintain, protect and test residential and commercial heating systems. Its range helps improve efficiency and longevity, whilst reducing energy consumption and maintenance bills.

‘LDC’s investment marks the next chapter in our growth journey’

Its customer base includes national and independent merchant chains, heating installers and engineers, housebuilders, housing associations, major heating contractors and leading boiler and pump manufacturers. Currently supplying its products

in the UK and mainland Europe, ADEY plans to expand into new territories including US, Asia and Eastern Europe, as well as investing in new product development to further consolidate its market leading position. In its last financial year, ADEY

generated almost £46million revenue which is expected to increase in line with growing consumer demand for sustainable, cost effective heating solutions. Chief executive John Vaughan

(pictured), who led the management buyout, said: “LDC’s investment marks the next chapter in our growth journey and will help us achieve our goal of providing our customers around the world with the best possible preventative solutions in the heating systems market.”

18 CHAMBERLINK July/August 2016

Contact: Stephanie Wall T: 0121 607 1783

L-R: John Claughton, chief master at King Edward VI Schools; Greg Lowson, Birmingham Chamber president and head of lawyers Pinsent Mason’s Birmingham office; Lord Andrew Adonis; and Paul Faulkner, chief executive of Greater Birmingham Chambers of Commerce

HS2 will bring stability By John Lamb

HS2 will bring a balanced economy to the country, the man heading the government’s National Infrastructure Commission told a gathering of Birmingham business people. Lord Andrew Adonis, who chairs

the Commission, was speaking at a Greater Birmingham Chambers of Commerce (GBCC) patrons’ lunch hosted by King Edward VI School and its chief master John Claughton. He said there was a ‘massive

problem’ in the country involving the divide between London and the South East, compared with the West Midlands and the North. Lord Adonis said: “An integrated society must be the way forward

and we can do that by bringing the major cities within an hour of each other. “High Speed 2 will open up

trade and unlock jobs between London and the major cities of the Midlands and the North, centred on Birmingham, Manchester, Sheffield and Leeds. “HS2 will contribute to the

creation of up to 14,600 jobs and apprentices across the UK. Through the two new High Speed

Rail academies in Birmingham and Doncaster, HS2 is creating high quality careers and giving young people the skills they need to get on. “If the UK wants to compete for

the jobs and investment of the future, world class infrastructure will be absolutely essential.

“Ensuring that major projects

provide wide and well-targeted economic benefits is absolutely central to the National Infrastructure Commission’s approach.” Earlier Lord Adonis said that

HS2 was the biggest infrastructure project in the world outside China. He added: “The main reason for

HS2 is capacity, not speed, but if you are building a new line it does make sense to make trains faster. It fact, it would have been bizarre if we had not done that.” The commission was launched

by Chancellor George Osborne last year as an independent body to support long-term decision- making on building effective and efficient infrastructure in the UK.

Dignity expands funeral operations

Sutton Coldfield-based Dignity, the UK’s only listed funeral services business, has expanded its UK network of crematoria in a £43m acquisition which it has funded from its own resources. The company has signed a

conditional sale and purchase agreement to acquire five crematoria currently operated by Funeral Services Ltd (trading as Co-op Funeralcare).

The crematoria are situated in

areas not currently served by Dignity. Of the facilities acquired, three are freehold and based in Glasgow, Sheffield and Lichfield, with the other two leased from and managed on behalf of local authorities in Shropshire and Stockport. Dignity said the deal for the

freehold locations was conditional upon the transfer of trade and assets of the relevant locations to a

new entity, which is expected to complete on or around 5 July. Mike McCollum, chief executive of

Dignity, said: “This acquisition will allow us to extend our crematoria network into new geographical areas. It represents a good investment for Dignity, using cash already held by the group, and supports our continued growth.” Dignity currently operates 39 crematoria in the UK and Ireland.

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