LONDON: SDI Group plc has acquired Collins Walker Ltd, a designer and manufacturer of electric boilers, in a deal valued at approximately £1.85 million. The acquisition marks a strategic expansion into the high-growth, regulatory-driven electric boiler sector, aligning with global net-zero initiatives.
Collins Walker, based in Bedford, specializes in industrial-scale electric boilers for steam and hot water applications, serving sectors such as healthcare, industrial processing, distillation, brewing, and commercial buildings. The company joins SDI’s Industrial & Scientific Products division and will integrate with portfolio company Applied Thermal Control, enhancing manufacturing capacity and back-office efficiency.
Stephen Brown, chief executive officer of SDI Group, called the acquisition a “compelling opportunity” to leverage the company’s manufacturing capabilities and expand market reach.
“The integration of Collins Walker with Applied Thermal Control’s operational and manufacturing capacity will reduce current constraints and accelerate penetration into the growing Net Zero and energy efficiency markets,” Brown said.
Collins Walker reported revenues of £0.94 million and an EBIT of £0.31 million for the year ending March 31, 2024. The acquisition is expected to be earnings-enhancing in its first full year post-acquisition, with additional growth potential.
The purchase was funded through SDI Group’s revolving credit facility with HSBC UK Bank. As of February 28, 2025, the company had £1.6 million in cash (unaudited), £14.7 million in bank debt, and £10.3 million in undrawn bank facilities.
Chris Goddard, Collins Walker’s sole shareholder before the acquisition, will remain with the company following the deal.
SDI Group said the acquisition aligns with its strategy of expanding into regulatory-driven markets, strengthening its position in the global industrial boiler market, which was valued at $11 billion in 2024.