With the rise of digitisation, Harpenden-based Exertherm’s innovative technology harnesses the potential of the Industrial Internet of Things to offer solutions that are ahead of the curve. This is one of the factors which attracted New York Stock Exchange listed Eaton to the business.
When it came to planning his exit strategy, Exertherm founder Ross Kennedy knew it was imperative to find a buyer who would not only be able to develop the company’s technology and capitalise on the achievements of the last 36 years but would also recognise and value the ethos of the company.
With an impressively low staff turnover, and key members of staff having worked for Exertherm for many years, the business is a tight-knit community with a real family feel. Therefore, it was important the buyer had the right cultural fit, and Ross turned to Watersheds to achieve a deal that would meet the goals of all parties.
Ross explained: “The time was right to exit the company, but I also wanted to ensure I was handing it over to new owners who would be able to realise its full potential as well as securing the future of our current staff. The advice and support I received from Watersheds, from when I first met them to when the deal completed, was invaluable. It has been a pleasure to work with them. Not only have they demonstrated professionalism throughout, they achieved top value, as well as ensuring a smooth process and managing the complexities that come with selling internationally to a global business.”
Wendy Lam, Partner at Watersheds, explained: “Watersheds has worked with Exertherm for a number of years. Their technical expertise and foresight of the industry has enabled them to grow rapidly and achieve a strong position in this interesting and fast-growing market.
“As a result of our deep understanding of the business and the potential this might offer buyers, as soon as the time was right to go to market, we were able to identify the best routes and options to maximise the value of the business.
“Eaton were an existing customer; therefore, it was imperative the process was managed carefully and diligently to protect confidentiality. Whilst existing customers may not always be the right buyer for a business, in this case, Eaton were exactly the kind of organisation the shareholders wanted to see their business in the hands of. We are happy we could help fulfil their wishes with a deal that was too good to refuse.”