Fulcrum Capital Partners Completes the Sale of Nuheat Industries Limited
Fulcrum Capital Partners is pleased to announce the sale of Nuheat Industries Limited ("Nuheat") to Pentair plc. Lazard Middle Market LLC acted as the exclusive advisor to Nuheat.
Nuheat, a Vancouver-based company, is the leading North American manufacturer of electric radiant floor heating systems. The company also distributes a line of outdoor freeze protection products. Fulcrum Capital Partners' Fund III acquired its interest in Nuheat in March 2008. Fund III made 11 investments and the sale of Nuheat represents the ninth fully realized investment in that fund. Fund III, to date, has generated a return of three times invested capital.
Over the course of Fulcrum Capital Partners’ investment horizon, Nuheat expanded upon its market leading position by investing in product innovation and development, pushing adoption rates higher by continually investing in sales personnel and, by marketing and public relations activities not seen in the category. Additionally, the company developed a line of rapidly growing outdoor freeze protection products, initially via a strategic acquisition.
Fulcrum Capital Partners thanks the management team of Nuheat for their dedication. It has been a truly collaborative and rewarding partnership over the last seven years.