RSM Tenon turns up the heat for business sale

A WARWICKSHIRE heat exchange business has been sold in a deal brokered by RSM Tenon.

The undisclosed deal has seen Water Orton based Applied Cooling Technology (ACT) and its subsidiary Britannia Heatex purchased by Sterling Thermal Technologies (STT), of Buckinghamshire.

Acting for owner ACT David Pierce, RSM Tenon’s corporate finance team undertook a marketing exercise to identify a suitable purchaser.

ACT designs and makes heat exchange equipment for companies in sectors including the rail, marine, power and offshore industries.

Sterling Thermal Technologies has more than 100 years of experience designing and making heat exchange equipment and is considered a good fit for the business.

“David Pierce is looking to move towards retirement and came to us knowing we had the know-how to track down the best potential buyers,” said RSM Tenon associate director Andy Breeze, who worked with Micky Johal on the deal.

“STT’s business fits really well with ACT and the two companies had spoken in the past about doing a deal.

“Britannia Heatex is the main trading company for ACT and is well respected in the industry. It will play a major role in STT’s growth strategy as it will open up new markets and technologies.”

Mr Pierce said: “Britannia Heatex is in good hands – and has a great future as part of STT. I know they will now reach their potential.”

Peter Michaluk, STT’s managing director, said the company’s aim now was to expand STT’s product range and manufacturing capacity for growth into new markets.

Shakespeares lawyers Duncan James and Freya Porteous also advised on the deal.

Mr James said: “This was a satisfying deal and it was good to work with RSM Tenon on this. I am pleased that David can now concentrate on his other business interests.”