Thermatic Looks for Acquisitions to Double Revenues

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12 December 2023

FM provider Thermatic is looking to accelerate its expansion by making strategic acquisitions in the technical facilities management space.

To double revenues to £50 million in the next three years, Thermatic’s acquisition strategy is focused on its technical division which has contracts across retail, healthcare, education, hospitality and student accommodation.

The company bought PDS Drainage Services in August 2023, and with the help of the corporate finance team at advisory firm HURST, hopes to acquire further businesses which enhance its technical in-house capabilities or enable it to expand into new sectors.

Corporate finance partner at HURST Ben Bradley said: “Thermatic has gone from strength to strength in recent years, and is in an excellent position to capitalise on its established customer relationships to expand its service offering by acquiring other specialist technical service providers and integrating them into the group.

“A pipeline of carefully identified targets is being drawn up, with contact expected in the new year. It’s an exciting time for the business, and we look forward to supporting Thermatic to achieve its growth objectives over the coming years.”

Paul Douglas-Fleet, Thermatic’s Group Finance Director added: “Over the next three years we are looking to double annual revenues, through organic expansion and acquisitions which are a good cultural fit and bring into the business people and services of the right quality.

“Our strategy focuses on targeting companies with turnover of between £2 million and £10 million which will help Thermatic Technical FM to create a full self-delivery model, adding value for our existing clients, who operate complex building estates across the UK and Ireland.

“We are looking at new disciplines which bolster our technical capabilities or operate in different client sectors. We’re not simply looking to buy sales, we want to buy value as part of our strategy for long-term, sustainable growth.”

Picture: a photograph showing Paul Douglas-Fleet, Finance Director of Thermatic Group, on the left, with Ben Bradley of HURST Corporate Finance on the right. Image Credit: Thermatic 

Article written by Ella Tansley | Published 12 December 2023

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