The radiator company was taken over by a domestic company for a seven-figure sum

One of the world’s largest suppliers of radiators and bathroom fittings to independent retailers and showrooms has acquired Lincolnshire-based Paladin Radiators for a seven-figure sum.

It is the seventh acquisition in the last five years by Gloucestershire-based Brand K Group.

Paladin will continue to operate under its current brand, while shareholders Dean Chughtai and Gareth Charles will remain with the company and continue to be responsible for its development.

Paladin is a leading independent manufacturer of traditional cast iron radiators, supplying direct to retailers and installers. All products are assembled and finished in the UK and the company has its own dedicated foundry.

The New York Village-based company was founded 30 years ago and currently employs 26 people.

Tewkesbury-based Brand K Group was founded in 2008 by Alex Norford.

It now employs over 750 people and has a turnover of over £163m. Kartell UK was the first company in the group and remains the largest distributor of radiators and bathroom fittings under the K-RAD and K-VIT brands, but since 2019 the group has acquired a number of UK manufacturers including Just Trays, Vogue UK, Summerbridge and MX Group.

Alex Norford said: “I am delighted to welcome Dean, Gareth and their team to the group. We are delighted to be acquiring another of the most respected brands in the UK radiator market and to be able to further expand our offering into the heritage and design sectors of home improvement. Paladin is a company that combines the best of traditional design and innovation in one product range and we look forward to helping them continue their growth story.”

Paladin’s turnover has doubled since Dean Chughtai and Gareth Charles acquired the business from the original founders in 2017.

Dean Chughtai said: “When Gareth and I started running Paladin, we saw an opportunity to develop an innovative business that delivered high-quality products directly to consumers, while also being respected by the professional market. The Paladin team has enabled us to achieve all of this and we are delighted to see that the business is well-positioned to continue its path of success.”

Gareth Charles added: “In Brand K Group we have found the perfect home for Paladin. Alex and his team have a deep understanding of the UK radiator market and offer the business a great opportunity for further expansion and growth. Dean and I are grateful to the Paladin team for their hard work in doubling the company’s turnover during our tenure and we are personally delighted to see this investment supporting the continued growth of this customer-focused business.”

Harry Walker and Fahim Kassam of the Midlands office of Dow Schofield Watts (DSW) provided corporate finance advice to Brand K Group. Partner Harry Walker has also advised Brand K on six previous acquisitions. Harry said: “Under Alex’s leadership, Brand K has grown from a start-up to one of the UK’s largest suppliers, with his acquisition strategy being a key part of its growth story. Paladin is another excellent addition to the existing stable of high-quality British manufacturing brands. We look forward to working with Alex and the team in the future to help them deliver on their ambitious growth strategy.”

A Fladgate team led by Cem Usten and Ravi Goonesen provided legal advice to Brand K, while financial due diligence was provided by a team led by Paul Kithoray of Cortus Advisory. Paladin shareholders received legal support from the Hegarty Solicitors team led by Andrew Heeler and received financial support from Mark Bradshaw of Streets Accountants.

Shawbrook Bank has provided Kartell with increased funding to finance the acquisition of Paladin and has been advised by a team at Shoosmiths LLP led by Jon Bew.