Adey, a Cheltenham-based manufacturer of water-treatment products, has been bought by its management in a deal backed by the LDC private-equity firm.
The engineering company, which has a turnover of £46 million, has developed a range of products designed to clean, flush, maintain, protect and test residential and commercial heating systems in order to improve their efficiency and longevity, while reducing energy consumption and maintenance bills.
Its customers include merchant chains, heating installers and engineers, house-builders, housing associations, major heating contractors and leading boiler and pump manufacturers. The company currently supplies the UK and mainland Europe but plans to expand into new territories including the USA, Asia and eastern Europe.
It will also invest in new product development. The management buy-out was led by chief executive John Vaughan, with LDC investment director Alistair Pendleton joining the board as non-executive director.