Air conditioning group turns up the heat on North America after acquisition
A WEST MIDLANDS building ventilation, air heating and cooling business has grown its global footprint with the acquisition of a company in Canada.
Carver Group, based in Aldridge, has acquired Applied Comfort Products in a deal funded by HSBC.
The acquisition enables Carver Group to expand into the North American heating, ventilation and cooling market (HVAC). Applied Comfort Products is an establish business in the territory, primarily manufacturing packaged terminal air conditioners (PTAC), a self-contained wall unit which can be independently controlled from other rooms.
The acquisition is expected to lead to significant growth in Carver’s turnover and profit by 2020 and the aim is to use it as a means of growing its UK brands in the US. These brands include Thermoscreens and Biddle Air Systems, which manufacture air curtains and climate control solutions respectively.
HSBC will also be Carvers on-going banking partner helping it to streamline its manufacturing processes in the UK.
Aidan Killeen, Group CEO at Carver, said: “North America is a big market for HVAC and we have been strategically looking for entry into the market. Acquiring Applied Comfort Products provides the ideal opportunity for us to have a greater presence in North America and grow our existing UK businesses.”
Markus Keller, HSBC’s Area Director for Corporate Banking in the West Midlands, said: “We’re thrilled to have enabled Carver Group to complete the acquisition as it provides them with the perfect opportunity to enter the North American HVAC market. HSBC is connecting UK businesses to international markets and we’re looking forward to helping Carver Group embark on this business venture.”
Shakespeare Martineau supported Aidan Killeen and Group Financial Director, Stuart Fyfe, on the transaction.
Adam McGiveron, partner and head of advanced manufacturing at Shakespeare Martineau, said: “Supporting such an ambitious family-owned business with a rich Midlands heritage has been a real pleasure. We pride ourselves on forming longstanding relationships with our clients, to ensure we can support them at every stage of their growth trajectory and, with sensible, carefully-selected acquisitions in the future, we will no doubt see Carver Group exceed its growth plans.”
BDO provided corporate finance and tax advice on the acquisition. Tom Lawton, BDO’s National Head of Manufacturing said: “BDO have enjoyed a long relationship with Carver Group. We were very pleased to support the company through this latest acquisition and look forward to supporting their future success.”
