Manufacturer anticipates global growth through acquisition
An international developer and manufacturer of heating, ventilation and air conditioning products has acquired a Somerset competitor.
The Carver Group, a Walsall-headquartered eighth generation family-owned firm has purchased commercial and industrial HVAC specialist Powrmatic as it looks to grow and invest in businesses in the HVAC sector in Europe and North America.
It adds a fourth production plant to the group’s manufacturing capacity and will see the number of employees rise to more than 400 people across Europe and Canada.
Aidan Killeen, CEO of Carver Group commented: “The acquisition of Powrmatic complements and further strengthens Carver’s presence within the HVAC sector with the Group well positioned to take advantage of future growth opportunities in both home and wider export markets”.
The corporate team at the Birmingham office of Penningtons Manches Cooper advised the Carver Group on its acquisition after previous successful transactions.
Partners Adam McGiveron and Emma Bryant led the deal for Penningtons Manches Cooper, supported by banking and finance specialist Andy Rushfirth.
Darren Hodson, partner at PKF led the PKF team who provided corporate finance, financial and tax due diligence advice.