£12m turnover Stockport contractor acquired by Travis Perkins
A Stockport-based air conditioning contractor has been bought by builders’ merchants Travis Perkins for an undisclosed sum.
TF Solutions has been acquired in an investment deal which sees it become part of the BSS Contract Merchanting Division of the Travis Perkins Group.
The air conditioning and refrigeration business was established in 2001 and employs 48 people at three branches trading across the whole of the UK. The company made a pre-tax profit of £1.5m on a turnover of £11.8m for the year to the end of Ddecember 2015.
It will diversify the BSS portfolio, which covers a range of sectors supporting contractors with specialist pipeline, heating and mechanical services equipment.
Andrew Cherrill, the new managing director at TF Solutions, said: “This is truly exciting times for TF, joining the largest specialist supplier of mechanical services in the UK and having the backing and support of the BSS umbrella means that not only can we continue with our first class service ethos, we can now implement our growth strategy in the AC marketplace, increasing our presence and our support to customers.”
Cherrill added: “We fully intend to continue operating as we have always done giving our customers a service level which is second to none in the industry; the acquisition deal will allow us to grow as a company and expand that service, and we very much look forward to working with BSS to achieve this.”
BSS became part of the Travis Perkins Group in 2010 and it has 58 branches and employing approximately 1,200 people.
Frank Elkins, divisional chief executive of Contract Merchanting at BSS, said: “TF Solutions have an extremely strong identity within the air conditioning and refrigeration market which perfectly complements those which in which BSS already operates. In terms of product, the TF Solutions range will enhance BSS’s product offering and support us to offer a one stop shop for our HVAC customers.”
Elkins added: “Product; expertise; culture; each is fundamental to a successful acquisition, and TF Solutions delivers on all three. We recognise and admire TF’s reputation for ‘working together for success’ where customers see the very best levels of service, and we at BSS want TF to pass learnings on across our wider business.”
The Manchester team at Weightmans acted for TF Solutions in the deal. CLB Coopers led the transaction while Alexander Knight & Co provided tax advice for the deal. Freeths LLP acted for Travis Perkins.
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