Heat Mat

Management Buyout

by Mark Lucas

A team at Quantuma, comprising partner Mark Lucas, director Fardeen Nariman and associate Mihir Shah, provided lead financial advice to Heat Mat’s management team on the management buyout (MBO).


Heat Mat is one of the UK’s leading distributors of premium electrical underfloor heating. Headquartered in West Sussex, the company distributes underfloor heating, ice and snow melting systems, mirror demisters and insulation boards through a network of electrical wholesalers in the UK. 


Heat Mat were looking to expand their business internationally and needed support to improve product development, marketing and operational infrastructure.
Our team of corporate finance specialists were introduced to the business in June 2018 to find an investor with the suitable appetite and infrastructure to support the company in its next phase of growth.


The team at Quantuma, comprising partner Mark Lucas, director Fardeen Nariman and associate Mihir Shah, provided lead financial advice to management, supporting them on a management buy-out (MBO).

A sensible business plan was developed and incorporated into an information memorandum for the business. Quantuma then conducted thorough research in its efforts to find the right partner for the business.

The MBO was ultimately backed by Danish company Heatcom, a manufacturer of underfloor heating materials, which comprises electric floor heating, thermostats and frost protection, for leading distributors in countries across the world.

The deal struck will enable Heat Mat to improve its product range, implement a more efficient operational infrastructure and establish new supplier partnerships within the Scandinavian and wider European markets giving them access to international growth opportunities. This will help the company significantly grow its top line.


Mark Lucas, Partner at Quantuma, said: “The underfloor heating market is experiencing strong global demand at present. Coupled with an increasing focus on innovation, Heat Mat has managed to effectively secure its position as a leading provider in the UK, with high potential to expand its business globally.
With the backing of Danish supplier Heatcom, it is believed that Heat Mat will be able to utilise increased business opportunities provided by a wider international distribution network, as well as be able to access further technological expertise to further support their growth. Heatcom represents the ideal strategic partner for Heat Mat at this stage of its development, and we wish the combined group every success for the future.”

Jo Stimson, Managing Director at Heat Mat, said: "As a major international player, Heatcom offers our business enormous growth potential. We have developed a strong reputation in the UK market for both the breadth and quality of our product range, but in order to achieve our potential, we understand the need to capture further market share in the UK and expand into new territories. The advice provided by Mark and the Quantuma team was invaluable in supporting us on the transaction, and with their ongoing support, we are confident of achieving our ambitious growth strategy in the coming years.”