IMI Hydronic to buy Heatmiser for £110m
UK: IMI is set to acquire smart domestic thermostat manufacturer Heatmiser UK for around £110m.
Under the deal, Heatmiser will become part of IMI’s HVAC business IMI Hydronic Engineering.
Heatmiser is one of the UK’s leading smart thermostatic control manufacturers for radiant systems, enabling homeowners to accurately control heating and cooling in each room remotely.
The company was founded in 1968 in Blackburn and has become a leading manufacturer of smart thermostats for radiant underfloor systems in the UK. It is currently managed by Martyn and Sarah Kay, who will remain in the business and continue to manage it as part of IMI Hydronic.
According to IMI, the demand for smart temperature controls is growing rapidly and is expected to accelerate further, with more than 200 million buildings in Europe requiring renovation to upgrade their heating and cooling systems over the next 30 years to comply with energy efficiency and environmental legislation.
IMI says the acquisition provides an opportunity to accelerate its growth in smart buildings, saying “Adjacent to IMI Hydronic’s existing HVAC product offerings, Heatmiser will provide an attractive entry point into connected residential thermostatic control.”
It also sees opportunities to use the IMI Hydronic’s brand and market presence to scale Heatmiser’s offering across Europe, as well as employ Heatmiser’s connected technology capabilities across existing and new IMI products.