Heating manufacturer acquired by family office in deal backed by FDC

Consort, which is based in Milford Haven, supplies heaters to electrical wholesalers nationwide under the Consort and Claudgen brands, and manufactures own-brand products for leading suppliers. Following the acquisition, the current management team headed by Managing Director, Gareth Davies, will continue to lead the growth of the business.

The deal will enable the former Managing Director, Edward Spankie, and Materials Director, Chris Baggs, to realise their investment in the business though they will continue in a consultancy role. It will also provide additional investment to fund the growth of the business.

Established in 1966, Consort employs over 70 staff and manufactures over 250 product lines ranging from fan and panel heaters to air curtains and towel rails. The company has invested heavily in its modern 90,000 sq ft factory in Milford Haven and regularly introduces new products, with recent additions including wi-fi enabled heaters controlled by a mobile app.

The acquisition is the third to date by Lifeboat Capital, which was founded in 2019 and is the family office of the Afshar family. Lifeboat – which focuses on long-term investments in niche, high-quality UK businesses – also owns Southend-based Formara Print & Marketing and Oldham-based stockinette manufacturer Appletex.

Dr Taha Afshar, Chief Investment Officer at Lifeboat, said: “Lifeboat is committed to strengthening British manufacturing businesses and supporting the transition to a low-carbon future. With its efficient electric heating solutions and a track record for quality and innovation, Consort aligns strongly with our values and goals. The company will continue to operate as an independent business, and with the benefit of additional investment to support its long-term growth. Our vision is to be the definitive choice for sustainable, reliable and innovative electric heating. ”

Graham Mold, Head of Growth Capital at Frontier Development Capital, added: “Consort has been manufacturing in Milford Haven since 1966 and is one of the best-known brands in the market. This deal will ensure a smooth transition of ownership and secure the future of the business.  With Lifeboat’s support, Consort is embarking on a new chapter on its growth journey and is positioned to go from strength to strength.”