NGBI sells heating business

NBGI Private Equity, a UK lower mid-market private equity firm, has sold Hamworthy Heating, a commercial heating equipment business, to French engineering conglomerate Atlantic.

No terms were disclosed but NBGI Private Equity said that it had made a six times return and an internal rate of return of 38% on its original investment of £11.2m in January 2002.

Hamworthy has an annual turnover of approximately £20m and specialises in total heating solutions for commercial and light industrial premises such as leisure facilities, schools, hospitals, hotels, factories, offices, retail and catering outlets.

Livingstone Partners and Eversheds advised NBGI, FMV Associates and Herbert Smith advised Atlantic.