Family-owned HVAC manufacturer, Carver Group has announced the acquisition of Canadian-based Applied Comfort Solutions in a move aimed at strengthening its product portfolio and open routes to the US market.
According to the Carver Group, the purchase marks the first moves in its ambitious growth plans to double in size over the coming five years through organic growth and similar carefully selected acquisitions.
Carver Group – which encompasses international brands biddle, thermoscreens and Widney – has more than 240 years of rich heritage behind it, with roots firmly in the Black Country.
The acquisition, which completed in December 2016 for an undisclosed sum, will see the business and its workforce increase by around 25% as the management team continues to invest significantly in the future of the firm.
Applied Comfort Solutions has an established sales and distribution network across the US and focuses largely on the design and manufacture of niche Package Thermal Air Conditioners (PTACs).
Group CEO at Carver Group, Aidan Killeen explained: “Although the business has been in operation for over 200 years, our ambition to grow and develop has never been stronger. Like many businesses we have had to evolve with the current market and there are huge growth opportunities in the US that we are well-equipped to take advantage of.
“The US being one of the largest markets in the world for innovative HVAC solutions ensures that our existing product portfolio, as well as the distribution base that the acquisition brings, will further strengthen the firm’s international and regional operation.”
Shakespeare Martineau’s team of advisers supported Aidan Killeen and group financial director, Stuart Fyfe, on the transaction and helped to smoothly navigate the Canadian legal system.
Adam McGiveron, partner and head of advanced manufacturing at Shakespeare Martineau, commented: “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.”