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“The vast e-Commerce experience held by the team at Convex is second to none. We believe it made a huge difference to the outcome of our deal”

Michael & Steven Lewis, Founders

Deal Value: £15m

Neil Worsley

Managing Partner

The Underfloor Heating Store | September 2015

Convex Capital originated, led, structured and completed the sale of theunderfloorheatingstore.com, the market-leading online retailer, to Travis Perkins plc.

Founded in 2008 by brothers Michael and Steven Lewis, the business and has experienced rapid growth since inception, being named in the 2013 Sunday Times Virgin Fast Track 100 for Britain’s fastest-growing private companies.

Michael and Steven will remain with the business following the deal, and will continue to drive the business forward as part of the Travis Perkins Group.

Convex Capital structured a deal that gave the founders significant cash consideration today, together with a highly motivational ownership structure which will allow them to benefit further from the partnership with Travis Perkins.

The deal team was led by Managing Partner Neil Worsley, Charlie Yates and Peter Cheney.

The Convex difference: achieving and leveraging a strategic valuation for a fast growing business, to maximise the overall equity value for the shareholders

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