Siderise Group Signs Multimillion Pound Deal with H2 Equity Partners

Siderise Group, a key supplier of materials to Grenfell Tower, has signed a multimillion pound deal with H2 Equity Partners, a private equity firm, involving the buyout of its founding shareholder. The deal, which has been in discussion for some time, comes amidst Siderise’s involvement in the Grenfell Tower Inquiry.

The company provided the cavity barriers installed beneath the cladding on Grenfell Tower’s exterior walls, but it is unclear if they are exposed to any potential litigation arising from the tragedy. In a recent development, a group of families of victims and survivors of the disaster launched legal action in the US against Arconic, the manufacturer of the cladding used at Grenfell, and other companies involved in the building’s refurbishment.

The fire at Grenfell Tower, which occurred just over two years ago, claimed 72 lives and left hundreds of survivors facing a traumatic and uncertain future. In its submission to the Grenfell Tower Inquiry, Siderise acknowledged deficiencies in the installation of the cavity barriers but stated that they did not play a significant role in the fire’s progression.

Siderise, established in 1972, has supplied materials to major developments such as the athletes’ villages at the Sydney and Olympic Games. The company has steadily grown over the last five years, expanding to markets in the Middle East, Australia, India, and the US.

The deal with H2 Equity Partners will enable the retirement of the founder shareholder of Siderise and support continued growth in export markets. The management team will remain in place, and the company will focus on providing market-leading products, technical advice, and test data in this critical area.

Despite the sale of the stake, Siderise maintains that the cavity barriers supplied to Grenfell Tower were not part of its thermal insulation or cladding system but were designed to restrict the movement of fire and smoke within the cavity. The financial terms of the deal were not disclosed, and KPMG advised Siderise on the sale.

Last year, KPMG resigned as an adviser to the Grenfell Tower Inquiry due to apparent conflicts of interest, as it was the auditor to at least three companies under investigation for their roles in the fire. The sale of the stake to H2 Equity Partners marks a new chapter for Siderise as it navigates its involvement in the aftermath of the Grenfell Tower tragedy.