Heat Exchange Group

Heat Exchange Group

ACQUIRED: Merged in 2018

LOCATION: Wakefield, West Yorkshire, UK

INDUSTRY: Heat Transfer Products

WEBSITE: heatexchangegroup.co.uk/

DATE SOLD: May 2024


"Having been introduced to Rcapital, the management team has been impressed with their ability to see through the complex wider group issues and provide an appropriate funding package to take advantage of the strong pipeline of opportunities."
- Matthew Crewe

Heat Exchange Group provides the widest range of heat exchanger and industrial boiler products and services from a UK supplier. The Group was formed in 2018 as a result of the merger of Green’s and Thornhill. Together, our teams offer design, manufacturing, testing, repair and refurbishment, inspections and installation nationwide.


Date Bought: January 2016
Industry: Heat Transfer Products
Location: Wakefield, West Yorkshire, UK
Website: www.greenspower.co.uk
Corporate video: https://greenspower.co.uk/downloads/a-behind-the-scenes-in-greens-factory/

Green’s specialises in the design and manufacture of economisers and waste heat recovery systems to the power generation, petrochemical, marine and industrial sectors around the world. Green’s helps its customers reduce emissions, improve efficiency and save money. They also provide aftermarket services including servicing, repairs and the supply of spares.

Green’s has traded from Wakefield since the 1820s and has a thriving business, despite difficulties encountered in its wider group and parent, Greens Holdings. Rcapital backed the MBO led acquisition of Green’s from its Cayman based parent. Green’s is currently experiencing rapid growth, using its strong heritage, skills base and technology and has remained profitable and cash generative throughout.


Date Bought: July 2018
Industry: Engineering Services
Location: UK
Website: www.thornhillheatexchangers.co.uk
Corporate video: https://vimeo.com/321435003

Rcapital supported the MBO of Thornhill, an established heat exchange engineering group based in both the North and the Midlands of the UK.

Established in 1988, Thornhill is a leading UK and worldwide supplier of heat exchange products and support services. It is the only UK provider of the complete cycle of heat exchanger services from design and engineering, to manufacture, installation, after sales care, and repairs and servicing.

Renowned for plate heat exchanger design, manufacture, service and spares supply, the company also has a reputation for the design and manufacture of shell & tube and air-cooled heat exchangers making it one of the few companies globally that can offer complete heat exchange solutions.

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