The company, which supplies specialist safety, testing and servicing products to the plumbing and heating industry was launched in 2014 after Hayes UK acquired Arctic Products in a deal financed by Finance Yorkshire’s Equity Linked Fund in partnership with Santander’s Breakthrough Growth Capital Fund.
Since Finance Yorkshire’s investment, Arctic Hayes has increased its workforce from 20 to 25 and is further recruiting this year for positions at its Beeston headquarters.
The business is on track to hit £6.5m turnover this year, up almost £1m on last year, and has also recently secured almost £1m of new business with an existing large merchant customer.
While the plumbing and heating industry remains the core of its business, Arctic Hayes is now promoting its products to the electrical, building and DIY sectors.
Managing director Karl Dallimore said: "Bringing our two established businesses together means we have developed strong brand recognition and it has given us the firepower in terms of our staff to target new markets.
"Product development is also a big focus for us in the next 12 months – we have employed a product development manager to develop products which we can add to our portfolio and take to existing customers."
Arctic Hayes is developing its international sales strategy, growing a network of distributors for its products in the US, Canada and Australia as well as Europe. Supplying privately branded products to key customers is also generating revenue growth for the company.
Stephen Cardwell, portfolio manager at Finance Yorkshire, said: "Our investment provided the catalyst for Arctic Hayes to establish the business in a single location in Yorkshire from where it has delivered new jobs and impressive growth in just two years. The Arctic Hayes management team is ambitious for further growth and its strategy to penetrate new markets and target international sales indicates continued strong performance by the company."