Fri, 02 Jun 2023 | BUSINESS SALE
The Carver Group, an international developer, manufacturer and distributor of industrial and commercial heating, ventilating and air conditioning (HVAC) systems, is targeting further deals after completing an acquisition.
The firm has acquired commercial and industrial HVAC company Powrmatic for an undisclosed sum. The acquisition of Powrmatic, which has facilities in Dublin and Somerset, adds a fourth production plant to the Carver Group’s manufacturing capacity and means the group now has a headcount of more than 400 staff across Europe and Canada.
The acquisition is part of the group’s strategy to invest in growing businesses across the European and North American HVAC markets. Following the takeover, the group has said it will continue to target acquisitive growth in both Europe and North America.
Carver Group CEO Aidan Killeen 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.”
He added: “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.”
Corporate finance advice, financial and tax due diligence on the deal was provided by PKF partner Darren Hodson, who said that the acquisition would help Carver Group “to build more scale, capabilities and footprint for the next stage of growth."
Despite a wide array of headwinds facing businesses in the manufacturing industry, M&A in the sector has been surging, with companies using dealmaking to drive innovation, solidify and optimise their supply chains and grow both domestically and internationally.
This dealmaking appetite, combined with increasing private equity investment in the sector, an influx of international buyers and growing distressed acquisition opportunities, saw M&A activity in the UK manufacturing sector reach its highest level since 2016 last year.
Read more about M&A in the manufacturing sector in this dedicated insight.
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