The Carver Group is pleased to announce its acquisition of commercial and industrial HVAC specialist Powrmatic Limited, for an undisclosed sum.
Established more than 74 years ago with manufacturing and distribution facilities in Ilminster, Somerset and Dublin, Powrmatic is a leading manufacturer and distributor of industrial and commercial heating, ventilating and air conditioning equipment with well-established representation throughout the United Kingdom, Europe and beyond.
“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.” commented Aidan Killeen, CEO of Carver Group.
This new acquisition adds a fourth production plant to the Group’s manufacturing capacity and with the integration of Powrmatic the Group will employ over four hundred people across Europe and Canada.
Marilyn Skony Stamm, President of Stamm International Corporation mentions: “Powrmatic is a strong strategic fit with Carver Group, a bringing together of a talented, experienced, and entrepreneurial group of employees who share similar core values of customer service, teamwork, integrity, and respect. My objective of finding the right acquirer for Powrmatic and all its employees has been met. This is a wonderful opportunity for both Carver and for Powrmatic.”
The deal represents an exciting step in the Carver Group’s ambitious plans to continue to grow and invest in businesses in the HVAC sector in Europe and North America. Darren Hodson, Partner at PKF provided the corporate finance advice, financial & tax due diligence and the corporate legal team at Penningtons Manches Cooper led by corporate partner Adam McGiveron advised throughout the process.
Aidan Killeen, Carver Group chief executive officer, said: “There are considerable business synergies in the portfolio of products manufactured by Powrmatic and we believe this acquisition will afford our customers a greater product offer and solution”.
“The Powrmatic ethos and values are an excellent fit for the Carver Group, being privately owned with a long legacy of success and dedication to customer satisfaction and quality”.
Established in 1776, the Carver Group is an 8th generation family-owned business based in the West Midlands which owns and manages a portfolio of brands which design, manufacture and install innovative heating, ventilation, and air conditioning (HVAC) solutions for a wide range of market sectors including retail, commercial, industry, and the public sector. As well as having its headquarters in Walsall in the United Kingdom, the group has representation in 50 countries and offices in Germany, France, the Netherlands, and Canada.