Ideal Stelrad acquires Keston Boilers
Ideal Stelrad Group Limited (Ideal Stelrad) has announced the acquisition of Keston Boilers Limited for an undisclosed sum.
Ideal Stelrad is a leading Pan-European heating business headquartered in Newcastle upon Tyne. The company manufactures and markets an extensive range of domestic, commercial and industrial gas boilers in the UK, and steel panel radiators, towel warmers and decorative radiators across Europe.
Keston Boilers Limited was established in 1993 and has quickly grown to become a key player in both domestic and commercial high-efficiency condensing boilers. Keston also designs and manufactures award winning hot water storage systems and unique bespoke prefabricated rigs. Keston, based in Bromley, has a manufacturing subsidiary, Celsius 2000 SRL, in Bucharest, Romania. Keston employs 37 employees and Celsius employs 93.
Trevor Harvey, Ideal Stelrad’s Chief Executive Officer, commented: “We are delighted with this acquisition; both businesses had the foresight to develop a strong position in the UK in high efficiency central heating boilers, in anticipation of the legislative changes last year, and as a result have enjoyed strong growth. The product ranges of Ideal Boilers and Keston Boilers will complement each other perfectly and provide a great opportunity for continued development. We are also very pleased to welcome the Keston and Celsius employees into our team and, in particular, Nick Stevenson, Managing Director of Keston, and Florin Marinescu, President of Celsius, who have many years of experience in the heating industry.”
Nick Stevenson, Keston’s Managing Director, commented: “Keston has achieved considerable success and growth since it was established in 1993. However, the Board believes that for the company to realise its full potential it must become part of a larger group. Ideal Stelrad provided us with the perfect opportunity because their ambitions for growth match ours.” The Shareholders of Keston were advised by Nash Fitzwilliams.