Stelrad, which employs 300 staff in Yorkshire, secures deal to buy Italian manufacturer

The UK’s largest manufacturer and distributor of household and commercial radiators today revealed it had secured a major acquisition.

Stelrad has entered into an agreement with De Longhi Industrial S.A to acquire 100% of the share capital of DL Radiators srl for €28.346 million on a debt free, cash free basis.

DL Radiators is a major Italian heat emitter manufacturer which produces and sells both hydronic and electric radiators into the domestic heating market.

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Stelrad, which employs 300 people at its UK manufacturing site in South Yorkshire, is a major specialist manufacturer and distributor of steel panel radiators.

Trevor Harvey, CEO of Stelrad, said: “This is a compelling transaction for Stelrad."

From its manufacturing site in Mexborough, the firm makes a large range of standard and premium steel panel radiators, low-surface temperature radiators, towel warmers, and decorative steel tubular radiators.

DL Radiators’ main manufacturing site is located in Moimacco, near Udine, Italy and it employs approximately 350 people. Its product range includes steel panel, multicolumn steel, aluminium and towel warmer radiators, providing customers with flexible heat emitter solutions suitable for a wide variety of installations.

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In a statement, Stelrad said: "Stelrad’s acquisition of DL Radiators extends the range of radiators available to its existing sales and distribution network, expands its routes to market, provides a well established complementary brand and increases its manufacturing capacity. These criteria are aligned with the acquisition policy and strategy stated at the time of the Group’s admission to the London Stock Exchange in 2021."

Trevor Harvey, CEO of Stelrad, said: “This is a compelling transaction for Stelrad and allows us to grow our business through the provision of additional products and through geographical expansion. DL Radiators has strong brands with a significant customer base and we look forward to working with the team to realise value opportunities and expand the market for their higher value product ranges.

“Following completion of this transaction, Stelrad will be a market leader in six countries and hold a top three position in five more. We will continue to develop our mainland European relationships with the long-established regional distribution players in those territories, ensuring we continue to adapt to evolving routes to market.”

Stefano Valente, CEO of DL Radiators, added: “We firmly believe that the success of a company is built on the commitment of people who are passionate about their work and who can open up to the world and creatively contribute to its improvement. We see this as a shared value with Stelrad’s experienced team from the management through to sales and operations and we are excited to work alongside them to grow DL Radiators as a leading heat emitter manufacturer.

“The mission of DL Radiators is the creation of heating products fit for the future, which are able to improve not only the comfort of the rooms but the quality of everyday life, combining intuitive technological capabilities with Italian attention to design. Our partnership with Stelrad allows us to continue to fulfil this mission to provide a best-in-class offering.”