IMI to acquire Heatmiser for £110m

By Tim Aldred

08 Nov 2022

heatmiser.jpeg

Heatmiser, which ranked as the red rose county's fourth most profitable SME in Lancashire Business View's latest Hot 100, is set to be acquired by IMI plc for at least £110m.

Blackburn-based Heatmiser was founded in 1968 developing thermostatic control products for residential buildings and has enjoyed success in recent years by pioneering smart thermostat technology.

In its most recent accounts, the company generated £7.8m pre-tax profit on revenues of £18.1m. It employed a workforce of 100. In the financial year to December 2022, Heatmiser is expected to increase revenues to around £22.5m.

The company was founded by Gordon Kay and remained within the family with Martyn and Sarah Kay at the helm, who will remain in the business.

The proposed initial fee for the sale is £110m, with up to a further £8m based on Heatmiser’s future financial performance. Heatmiser will become part of IMI Hydronic Engineering.

IMI is a Birmingham-based specialist engineering company which designs, manufactures and services highly products that control the precise movement of fluids.

IMI employs around 10,000 people, has manufacturing facilities in 19 countries and operates a global service network. 

Roy Twite, chief executive of IMI, said: "This is an important, strategic entry point to the rapidly growing connected controls market, that will accelerate our organic growth across IMI Hydronic.

"There has never been more urgency to deliver energy efficiency and comfort in buildings, and Heatmiser is a leader in this space. I want to personally thank the Kay family for their commitment to the transaction and welcome the entire Heatmiser team into IMI.”

Martyn Kay and Sarah Kay said: "We feel very proud of the business we have created at Heatmiser and we want to say a big thank you to our team for helping us achieve a market leading position.

"By listening to our customers and reacting to market change, we have become one of the UK’s leading HVAC control brands and we are excited about joining the IMI family and the opportunities this will bring. We are particularly excited about the growth potential of the business in new territories and our joint vision of creating a better more energy efficient world."

Enjoyed this? Read more from Tim Aldred

Latest news

1

Specialist legal practice triples in three years Director Mary Lowe with some of her team outside Mary E Lowe in Park Street Lytham

Specialist legal practice triples in three years

10 Jan 2025

2

CoolKit partners with HEAT centre to advance skills in sustainable automotive technology The HEAT Centre

CoolKit partners with HEAT centre to advance skills in sustainable automotive technology

10 Jan 2025

3

Kelmore welcomes new area sales manager to support rapid growth Tom Cheevers and Steve Kean

Kelmore welcomes new area sales manager to support rapid growth

10 Jan 2025

4

Boost scale up support helps LCM Environment services with rebranding LCM team with county councillor Carole Haythornthwaite

Boost scale up support helps LCM Environment services with rebranding

09 Jan 2025

5

IN4 Group delivers £44m in social impact and supports more than 3,000 people in tech careers IN4 Groups Skills City graduates

IN4 Group delivers £44m in social impact and supports more than 3,000 people in tech careers

09 Jan 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
The Lancashire Festival of Business
FOB 315
Exhibitions
30 Jan 2025

The Lancashire Festival of Business

Impact Conferencing, Burnley, BB12 6QP

09:30 - 16:00

Skills Bootcamp in Procurement - Cohort 3
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Awards
14 Jan 2025 - 18 Mar 2025

Skills Bootcamp in Procurement - Cohort 3

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Preston Tech Connection - January Meet-Up
Nov Preston Tech Connection event banner-4.png.png
LBV Hub Networking
15 Jan 2025 - 15 Jan 2025

Preston Tech Connection - January Meet-Up

Society1 Coworking Space, Preston, PR1 3LT

18:00 - 19:30

R.I.S.E. and Shine
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
16 Jan 2025 - 16 Jan 2025

R.I.S.E. and Shine

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

08:45 - 11:00

The Business Network Central & East Lancashire
LBV Hub Networking
16 Jan 2025 - 16 Jan 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

LBV120 Magazine Launch Event
DSC9389
Networking
17 Jan 2025

LBV120 Magazine Launch Event

Lancastrian Suite, Town Hall, Chorley, PR7 1DP

08:30 - 10:30

Sub36 Networking - Behind the beans
Sub36 Social1200Atkinsons New
Networking
14 Feb 2025

Sub36 Networking - Behind the beans

Atkinsons Speciality Coffee, Lancaster, LA1 1 EX

09:00 - 11:30

Red Rose Awards 2025
Red Rose Awards 2025
Awards
13 Mar 2025

Red Rose Awards 2025

Winter Gardens Blackpool

18:00 - 11:59

Lancashire Business Day 2025
241122lbvlancashiredaylhp0647web
Networking
27 Nov 2025

Lancashire Business Day 2025

12:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV118 Online Graphic
Subscribe now

Weekly news bulletin