HVAC manufacturer eyes growth after PE-backed MBO

Private equity firm Maven Capital Partners and investor Ethos Partners, has led a management buyout of a HVAC provider based in Tamworth.

Elite KL, which has now rebranded to Calatherm, delivers high-performance thermal management solutions to Tier 1 clients in the UK, Ireland, Europe, and Australia, such as JCB, Morgan, Ravo and Northern Rail.

The buyout will enable the company to accelerate its growth strategy, and since receiving private equity backing, the company has made several key appointments.

David Roberts (former CEO of Nu-Heat) has been appointed as Chair and Frank Duffin (former CFO of John McGavigan) is now a Non-Executive Director, to drive its expansion strategy. Additionally, Kim Wigley (financial controller) and Daniel Jackson (director of business development) have joined to strengthen the leadership team.

Calatherm operates from its wholly owned 40,000 sq ft facility in Tamworth, supporting full-cycle product development from design and validation to supply and aftercare. With an increasing focus on green energy technology, the company is developing zero-emission vehicle technology and sustainable heating and cooling solutions across industries such as automotive, rail and construction.

The factory was sold by weapons manufacturer Elbit Systems, after pressure over its weapons being used by the Israeli Defence Force in Gaza.

Mark Holmes, CEO of Calatherm said: “This is more than just a rebrand – it’s a transformation that reflects our new beginnings under private ownership. We are building on over 80 years of engineering expertise to deliver cutting-edge thermal solutions for electric and hydrogen vehicles, playing a vital role in the global transition to clean energy.

“Since becoming independent last year, we have sharpened our focus on innovation, sustainability, and customer-driven solutions. With strong financial backing, embedded customer relationships and an ambitious leadership team, we are excited to drive the next phase of our journey as Calatherm.”

Andrew Muirhead, Senior Investment Manager at Maven Capital Partners, added: “Calatherm is an established and growing business with a strong heritage in developing thermal management solutions. We are confident that, under the guidance of the new leadership team and with increased focus on delivering sustainable technologies across critical industries, Calatherm is well positioned to capitalise on the positive market dynamics driving the green energy transition.”