ADEY Professional Heating Solutions has agreed a management buyout as part of its ongoing growth strategy.
The buyout of the water treatment manufacturer is led by ADEY's chief executive officer (CEO), John Vaughan, with the full backing of the company's board, and with the investment and support of LDC, part of the Lloyds Banking Group.
The firm invented the MagnaClean filter 10 years ago and, since then, has established a 'total system best practice' approach, creating a family of products designed to clean, flush, maintain, protect and test heating systems.
Commenting on the buy-out, Mr Vaughan said: "This investment marks the next chapter in our growth journey and will help us to achieve our goal of providing all our customers, in the UK and around the world, with the best possible preventative solutions in the heating systems market.
"ADEY has innovation in its DNA, and we will continue to launch new products that assist heating installers to serve their customers’ needs with the most effective tools. More than three million MagnaClean filters are installed in the UK, and the scope for more households, businesses and local authorities to benefit from our low cost energy saving products drives the Board’s ambition for continued growth."
Currently supplying its products in the UK and mainland Europe, ADEY is planning to expand into new markets including the US, Asia and Eastern Europe, as well as investing in new product development.