Private equity and infrastructure investment manager Foresight Group has led a £3.8 million into The Electric Heating Company in Blantyre.
David Leng, who has extensive knowledge of building product distributors, has joined the board as executive chair.
Founded in 2005, EHC is a distributor of electric boilers, heaters and water cylinders to housing associations, residential developers and private homeowners across the UK. The company plans to launch its first range of air source heat pumps this year.
Foresight’s investment will support the company’s plan to expand its product range and increase its distribution.
Bill Walters, managing director at The Electric Heating Company, said: “EHC has witnessed significant growth across our established customer base.
“We are committed to seizing market opportunities as the UK moves towards a Net Zero Carbon future. It was important that we chose a partner with the vision and energy to assist our growth and we look forward to working with the Foresight team.”
Daniel Halliday, director at Foresight, said: “The EHC team has built a strong, competitive position in the domestic electric heating market and has demonstrated significant growth.”
Earlier this year Foresight launched a second fund dedicated to investment in Scotland’s SMEs.
The first close, at more than £60 million, was supported by cornerstone commitments from Strathclyde Pension Fund and British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank