FORESIGHT Group, a leading listed private equity and infrastructure investment manager, has completed a £3.8 million investment into The Electric Heating Company.
Founded in 2005, EHC, based in Blantyre, South Lanarkshire, is a distributor of electric heating products. It supplies electric boilers, heaters and water cylinders to a range of 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.
EHC has seen impressive recent growth through expanding its distribution network and accredited installer base. It has established a market-leading reputation for the reliability and quality of its product range, technical expertise and excellent customer support. EHC products support the decarbonisation of home heating by replacing traditional oil and gas fired boilers. This aligns with the UK Government’s announcement banning gas boilers in all new homes from 2026.
Foresight’s investment will support the company’s management team with its growth plans – enabling it to create high-quality, sustainable jobs, expand its product range and increase its reach of distribution. David Leng, a seasoned executive with extensive knowledge of building product distributors, has joined the board as Executive Chair following the investment.
Daniel Halliday, Director at Foresight, commented: “The EHC team has built a strong, competitive position in the domestic electric heating market and has demonstrated significant growth. We are excited to support the team in delivering their future growth plans that will contribute to home decarbonisation in the UK.”
Bill Walters, Managing Director at The Electric Heating Company, added: “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.”
Ian Jamison, Investment Manager at Strathclyde Pension Fund, said: “The investment into EHC is an exciting opportunity for the Foresight Scotland Fund to support a well-established business in a growing market. EHC has a strong reputation for the quality of its products and advice and we are looking forward to seeing the company’s next stage of growth.”
Judith Hartley, CEO, British Business Investments, said: “We are delighted to see the Foresight Scotland Fund complete its first investment, following our commitment earlier this year. British Business Investments’ mission is to improve access to alternative finance for smaller businesses across the whole of the UK, while supporting the UK’s transition to a net zero economy. This funding means EHC is well-positioned for continued growth whilst also making a meaningful impact on the decarbonisation of heat in the home.”
