NBGI Sells Hamworthy Heating

NBGI Private Equity, a UK lower mid-market private equity firm, has sold Hamworthy Heating, a commercial heating equipment business, to French engineering conglomerate Altantic.

No terms were disclosed but NBGI Private Equity said that it had made a six times return and an internal rate of return of 38% on its original investment of Gbp11.2m in January 2002.

Hamworthy has an annual turnover of approximately Gbp20m and specialises in total heating solutions for commercial and light industrial premises such as leisure facilities, schools, hospitals, hotels, factories, offices, retail and catering outlets.

Livingstone Partners and Eversheds advised NBGI, FMV Associates and Herbert Smith advised Atlantic.