

Stefano Pastore
Ethica Group
IRSAP is an Italian manufacturer of design led radiators.
Founded in 1963. IRSAP is now Italy's leading manufacturer of designer radiators with over 50 years of experience, sales of € 140 m in over 60 countries, 1.200 employees and circa 500,000 m2 of production facilities across Italy, Romania, and China
Ethica Corporate Finance, advised Irsap, a leading Italian manufacturer of radiators, air conditioning and air handling systems, on the acquisition of UK Heating Group (“UKHG”), the largest independent British distributor of steel, aluminum and cast iron designer radiators in the UK and Ireland, from Encore Capital LLP.
Through this acquisition, Irsap Group will consolidate its position in the UK market, one of the most important in Europe confirms the group's intent for development, expansion and investment into strategic markets
Ethica Corporate Finance had an existing relationship with Irsap and knew that, having consolidated its leadership in Italy, the group was increasingly looking at growth opportunities abroad.
Having learned, through Mergers Alliance partner in the UK, Catalyst Corporate Finance, that UKHG’s Private Equity shareholders were starting to assess options for the asset, we thought this could be a perfect match, as the UK is a key area for the radiators market in Europe.
Irsap immediately showed interest, so we advised them in structuring a solid buyside strategy and accelerate discussions to maximize options to win the asset and avoid a competitive process. Ethica advised Irsap throughout the process, including identifying the right advisors for the Due Diligence process and legal documentation, and also structuring a I&W insurance to cover potential future liabilities.