SDI Group: Progressive
has announced the acquisition of Collins Walker Limited, a UK manufacturer of electric boilers serving energy-intensive, high-growth industrial applications. The addressable market for Collins Walker is currently estimated at $255m. This is an expanding market, boosted by net zero regulations. The global industrial boiler market was valued at $11bn in 2024 and is undergoing a significant shift towards electric solutions. The net consideration is £1.85m, up to a maximum of £1.95m, net of £0.27m cash acquired. The consideration will be funded by the group’s existing cash resources, highlighting SDI’s strong cash generation. SDI’s net debt was £13.1m at 28 February, better than we estimated for FY25. We adjust our FY26 estimates, with an £0.8m uplift to revenue and £0.2m to EBIT.
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