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Nick Hill

Global accountancy firm Mazars advises on sale of £30m group of Castleford businesses

Mazars has advised RM Solar group of companies, a manufacturer and distributor of cylinders, on a sale to Dublin-based Joule Group Limited.

Rob Burton and Stephen Nagle, both based in Leeds, led the deal for Mazars Deal Advisory, with legal advice provided to the shareholders by Richard Dean of Ramsdens.

The Castleford-based group manufactures water storage solutions for merchants and housebuilders, with the group of companies having aggregate sales of more than £30m and employing more than 130 people.

Joule provides complete renewable heating systems and hot water solutions, and is a subsidiary of Dutch company Inventum Beheer BV.

The acquisition of RM Solar will provide Joule with a cylinder manufacturer based in the UK.

The financial terms of the transaction were not disclosed.

Richard Marsden, exiting shareholder from the RM Solar group, commented: “I am delighted with the completion of the sale to Joule.

“The group has grown considerably in recent years, and this acquisition provides great synergies for both businesses. I’m sure RM Solar will continue to see impressive growth under the ownership of Joule”.

Rob Burton, partner at Mazars Deal Advisory, added: “This has been a great deal to work on and we are delighted to achieve a successful outcome for the shareholders of RM Solar.

“It is clear to see the benefits that this acquisition will provide both companies, with this being a strategic acquisition that enables Joule to enter cylinder manufacturing in the UK market. It is encouraging to see the continued investment in the region, with strongly performing regional businesses able to attract investment from overseas acquirers.”

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