Clearwater International advises Stelrad Group PLC on its £274m IPO

Clearwater International has advised Stelrad Group PLC, a specialist manufacturer and distributor of steel panel radiators, on its initial public offering on the London Stock Exchange which valued the business at £274m.

Stelrad is a specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, selling an extensive range of standard and premium steel panel radiators, low surface temperature (LST) radiators, towel warmers, decorative steel tubular radiators, and other steel ‘column’ radiators to more than 500 customers annually.

Headquartered in Newcastle upon Tyne in the United Kingdom, Stelrad has manufacturing and distribution facilities at Mexborough in the UK, Nuth in the Netherlands, and Çorlu in Turkey, employing ~1,325 employees across the business.

The Group, supported by an experienced management team and led by CEO Trevor Harvey, is poised to play a significant role in the decarbonisation journey of the home as it adapts to various governments’ initiatives. The IPO will see Stelrad build upon its leading market position to deliver further growth within existing product categories, alongside complementary areas suitable for a low or zero carbon future.

The Clearwater International team was led by Phil Burns and Michael Loudon, and supported by James Malcharek, Dom Moir, and Courtney Walker. Debt refinancing was led by Chris Smith and Glenn Clarke, and supported by Lachlan Dorrity and Ben Crowe.

Trevor Harvey, CEO, Stelrad Group PLC said: “We have really enjoyed working with the Clearwater International team on this momentous achievement for Stelrad as we begin life as a public company and embark on the next stage of our development. Clearwater International supported us throughout the process and added real value for Stelrad.”

Michael Loudon, Partner, Clearwater International said: “It was fantastic to advise Stelrad in its decision to proceed with an IPO. The Group is well positioned to pursue growth both organically and through acquisitions, having already established itself as a leader in radiator manufacturing and distribution. Its broader role in driving energy efficiency and creating environmentally friendly homes increases its attractiveness in the market and we are confident of Stelrad’s continued success in the future. We’d like to wish Bob, Trevor, George and the wider management team all the best with the next stages of their growth plans for the business.”