In a significant move for the UK manufacturing sector, Consort Equipment Products, a leading Pembrokeshire-based electric heater manufacturer, has been acquired by the family-owned investment firm Lifeboat Capital. The deal, finalised in January 2026, secures the future of the business which employs more than 70 people at its Milford Haven facility.
Deal Structure and Leadership Continuity
The acquisition was supported by a seven-figure debt funding package from Frontier Development Capital (FDC) alongside other investors. While the precise value of the transaction remains confidential, it has facilitated an equity exit for former managing director Edward Spankie and materials director Chris Baggs, who will both remain involved in a consultancy capacity.
Crucially, the existing management team, headed by Managing Director Gareth Davies, will continue to steer the company. This ensures continuity and leverages their deep industry knowledge to drive the next phase of growth.
Fueling Innovation and Sustainable Growth
Established in 1966, Consort is a established force in the UK heating market, supplying products under its own Consort and Claudgen brands to electrical wholesalers nationwide and manufacturing for other leading suppliers. The company boasts a portfolio of over 250 product lines, including fan heaters, panel heaters, air curtains, and towel rails.
The firm has a strong track record of innovation, recently launching wi-fi enabled heaters controllable via a mobile app. The injection of capital from Lifeboat Capital is earmarked to support further expansion and product development at its modern 90,000 sq ft factory in Milford Haven.
Strategic Fit for a Low-Carbon Future
For Lifeboat Capital, founded in 2019 as the family office of the Afshar family, this marks its third acquisition. The firm specialises in long-term investments in niche, high-quality UK businesses, with a portfolio that includes Formara Print & Marketing and Appletex.
Dr Taha Afshar, Chief Investment Officer at Lifeboat, emphasised the strategic alignment: "Lifeboat is committed to strengthening British manufacturing businesses and supporting the transition to a low-carbon future. With its efficient electric heating solutions and a track record for quality and innovation, Consort aligns strongly with our values and goals."
He confirmed that Consort will operate as an independent entity, with the additional investment propelling its long-term ambition to become the definitive choice for sustainable, reliable, and innovative electric heating in the UK.
