£30m group of Castleford businesses snapped up

Accountancy firm Mazars has advised the shareholders of the RM Solar group of companies, a manufacturer and distributor of cylinders, on its sale to Dublin-based Joule Group.

Rob Burton and Stephen Nagle, both based in Leeds, led the deal for Mazars Deal Advisory, with legal advice provided to the shareholders by Richard Dean of Ramsdens.

The Castleford-based group manufactures water storage solutions for merchants and housebuilders, with the group of companies having aggregate sales of more than £30m and employing more than 130 people.

The transaction is a strategic acquisition for Joule, a provider of renewable heating systems and hot water solutions, and a subsidiary of Dutch company Inventum Beheer BV. The acquisition of RM Solar will provide Joule with a cylinder manufacturer based in the UK.

The financial terms of the transaction were not disclosed.

Richard Marsden, exiting shareholder from the RM Solar group, said: “I am delighted with the completion of the sale to Joule. The group has grown considerably in recent years, and this acquisition provides great synergies for both businesses. I’m sure RM Solar will continue to see impressive growth under the ownership of Joule.”