Evolve Corporate Finance, the national M&A advisory practice headquartered in Birmingham, has successfully advised the shareholders of Tesla Holdings Limited (“Tesla UK”) on its sale to IPS Corporation, a US-based, private equity-backed company, through its subsidiary, Watertite Products Inc.
Tesla UK, founded in 1992 and based in Sutton Coldfield, is one of the UK’s leading suppliers of plumbing and heating products, distributing a range of products to builders’ merchants, distributors, retailers, manufacturers and original equipment manufacturers (OEMs). The business sells more than 1,700 products, ranging from standard pipeline fittings to more technical commercial valves.
IPS Corporation is a leading global manufacturer of water and flow management solutions as well as speciality adhesive solutions for a range of construction, industrial, and manufacturing applications. IPS currently operates 12 manufacturing plants and four distribution centres around the world.
The transaction will enable Tesla UK to access IPS Corporation and Watertite Products Inc’s resources and R&D capabilities. It will enable IPS Corporation to accelerate innovation and strengthen manufacturing, supply chain, and distribution capabilities. Tesla UK will continue to operate from its base in Minworth, Sutton Coldfield, and with its existing leadership team.
An advisory team at Evolve Corporate Finance, led by Jonathan Wright, partner, provided strategic advice to the shareholders of Tesla UK. Jonathan was supported by Dan McCartney, manager, and Harry Ferguson, senior associate.
WHAT OUR CLIENTS SAY
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“Tesla UK is an incredibly successful business that has built an amazing reputation for developing a range of innovative products in the heating and plumbing market. Led by its management team, it has achieved remarkable success, and the sale to IPS Corporation represents another exciting step in its growth journey. We are delighted to have advised the shareholders of the business on the sale, helping them select the right strategic partner and navigate the process to deliver a great outcome. We look forward to seeing its continued success.”
Evolve Corporate Finance
Jonathan Wright, Partner
“We are thrilled to join the IPS family. This partnership provides tremendous opportunities for growth, innovation, and value creation for our customers, employees, and distribution partners. Together, we will continue to develop trusted, high-quality solutions that address real-world water and heating challenges. Working with Evolve has been a fantastic experience. Their knowledge and expertise have been second to none and we felt that they were very much part of our team with our best interests at heart.”
Tesla UK
Patricia Quinn, Managing Director
“Acquiring Tesla UK represents an exciting step forward in our growth strategy. Tesla UK brings a highly regarded product portfolio and a reputation for reliability and innovation that perfectly aligns with our mission to advance water and flow management solutions.”
Watertite Products Inc
Nick Cassella, President
The deal team
Who made it happen
Jonathan Wright
Partner
Daniel McCartney
Manager
