BUSINESS WIRE: H.I.G. Capital’s Highbourne Group Completes Acquisition of Plumbworld
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LONDON --(BUSINESS WIRE)-- 08.04.2022 --
H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with $48 billion of equity capital under management, announced today that its affiliated portfolio company, Highbourne Group Limited (“Highbourne”), has completed the acquisition of Plumbworld Limited (“Plumbworld”), one of the UK’s leading e-commerce specialists for bathroom, kitchen, plumbing and heating products.
The combination with Plumbworld will strengthen Highbourne’s leading omni-channel capabilities for both trade and retail customers. Plumbworld’s proposition is highly complementary to Highbourne and will enable the group to expand its footprint in the UK and Ireland, while maintaining its commitment to providing the highest quality services and convenience to its customers.
Dave Evans, CEO of Highbourne commented: “We are delighted to welcome Plumbworld into the Highbourne Group and see the business as highly complementary to our existing customer propositions. James Hickman and his management team have built a leading e-commerce platform and I look forward to working with them to accelerate their growth initiatives.”
James Hickman, CEO and founder of Plumbworld, added: “The integration of Plumbworld into the Highbourne Group is an exciting new chapter for our business. Dave and the team at Highbourne are creating real momentum in the market and I see enormous potential for Plumbworld as part of that growth plan.”
“We are very excited about the combination and look forward to partnering with James Hickman and his team,” said Tobias Borkowski, Principal at H.I.G. “This is a transformational step in Highbourne’s digital strategy and will offer attractive opportunities to expand relationships with its suppliers and customers.”
About Highbourne Group
Highbourne Group is one of the UK’s leading specialist distributors of plumbing, heating, and bathroom products. Highbourne operates under its primary trading brands City Plumbing Supplies (CPS) and Plumbing Trade Supplies (PTS), alongside several specialist online outlets with diverse product offerings. The Company operates a network of ~350 branches across the UK and Ireland with products mainly sold to trade customers, including local installers and larger contract accounts, through a multi-channel offering (retail pick-up through showrooms or trade counters, click & collect, delivery), as well as to a lesser extent directly to consumers. For more information visit: https://www.cityplumbing.co.uk.
Plumbworld is one of the UK’s leading online retail platforms for bathroom, kitchen, plumbing and heating products at affordable prices to consumers and trade customers. Founded in 1999 and headquartered in Evesham, England, Plumbworld has over 160 employees which have served over 1.7m customers since inception. For more information visit: https://www.plumbworld.co.uk.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $48 billion of equity capital under management.* Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S. and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
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