The corporate team at the Birmingham office of Penningtons Manches Cooper has advised the Carver Group on its acquisition of commercial and industrial heating, ventilation, and air conditioning (HVAC) specialist Powrmatic Limited.
Partners Adam McGiveron and Emma Bryant led the deal, supported by banking and finance specialist Andy Rushfirth. The deal follows previous successful transactions in relation to which the team has advised the Walsall-based HVAC business, which is a leader in the sector and has representation in 50 countries and offices in Germany, France, the Netherlands, and Canada. They previously acted on Carver Group’s acquisition of Canadian-based Applied Comfort Solutions and its purchase of CoolTherm in 2018.
The Powermatic 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. It adds a fourth production plant to the group’s manufacturing capacity and will see the number of employees rise to over four hundred 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. We knew we could rely again on first-class legal support from Adam, Emma and Andy, particularly with their deep understanding of our business and the wider market.”
Adam McGiveron commented: “It was great to work again with Aidan and his team on this latest step in the Carver Group’s growth journey, which is a brilliant example of an ambitious, outward-looking West Midlands business leading the way in its sector both in the region and internationally.” Adam, Emma and Andy were supported by Birmingham corporate associate Jennifer Ford and trainee solicitor Kajol Harrar.
Darren Hodson, partner at PKF led the team who provided corporate finance, financial and tax due diligence advice. He comments: “It has been a privilege to advise the family owned Carver Group on this significant acquisition, which will help them to build more scale, capabilities and footprint for the next stage of growth, building on a rich 250 year history.” Darren was assisted by senior manager Tom Joy, and they were supported by Adam Rollason, Harry Cook and Megan Whiley. Financial due-diligence services were provided by Sam Phillips and Matt Pearce.
Established in 1776, the Carver Group is an eight generation family-owned business that owns and manages a portfolio of brands which design, manufacture and install innovative heating, ventilation, and air conditioning solutions for a wide range of market sectors including retail, commercial, industry, and the public sector.