Halma, the global group of life-saving technology companies, has acquired Thermocable (Flexible Elements) Ltd (Thermocable) for its Safety sector fire detection company, Apollo Fire Detectors Limited (Apollo).
Thermocable is based in Bradford, and is a leading developer and manufacturer of Linear Heat Detectors (LHDs). LHDs are temperature sensitive cables, installed in areas at risk of overheating and fire, which trigger an alert when they detect a change of temperature. Thermocable’s specialist detection technologies expand the range of devices Apollo offers, helping to keep more people safe from the risk of fire.
“Thermocable’s specialist technologies will further enhance Apollo’s existing strengths in fire detection and alarm systems for industrial and commercial customers,” said Andrew Williams, Group Chief Executive of Halma. “They will enable Apollo to address a greater range of customer needs in niche applications for a variety of sectors such as urban infrastructure and transportation, logistics, natural resources and emerging applications in renewable power generation.”
Thermocable’s technology is particularly suited for use in challenging infrastructure and industrial applications such as tunnels, factories, car parks, and increasingly solar farms.
“Our long-term growth is driven by increasing urbanisation, population growth and safety regulation,” said David Bulley, Managing Director of Apollo. “With the acquisition of Thermocable, we will serve a greater range of customer needs globally while offering an extra layer of protection to help extinguish fires at the source before they cause serious harm. Its technologies are highly aligned with Apollo’s purpose to protect people and their environment.”
The initial consideration for Thermocable is £22m, on a cash- and debt-free basis, which will be funded from Halma’s existing facilities. Thermocable’s unaudited revenue for the 12 months to 31 March 2022 was £6.3m, with Return on Sales substantially above the upper end of Halma’s target range of 18-22%.
The acquisition is part of Halma’s growth strategy to acquire bolt-on and standalone businesses, with a total of four acquisitions so far this financial year.
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