Tue, 18 Mar 2025 | MBO/MBI
A Staffordshire-based heating, ventilation, air conditioning and thermal management company which dates back to 1939 has completed a management buyout (MBO) and after nearly 90 years changed its name.
Elite KL works with tier one clients in the UK, Ireland, Europe and Australia, such as JCB, Morgan, Ravo and Northern Rail.
The MBO has seen Mark Holmes, Gary Wilson and Carol Maund, who have collectively been part of the business for 50 years, take on new leadership roles as CEO, CTO and COO respectively.
The buyout will enable the company to accelerate its growth strategy under the new name of 'Calatherm'. The MBO was led by private equity firm Maven Capital Partners alongside co-investor Ethos Partners.
Since receiving private equity backing, the company has made several key appointments, including David Roberts, former chief executive of Nu-Heat, as chair and Frank Duffin, former CFO of John McGavigan, as 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.
Mark Holmes, chief executive 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. With strong financial backing, embedded customer relationships and an ambitious leadership team, we are excited to drive the next phase.”
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. The company is developing zero-emission vehicle technology and sustainable heating and cooling products across industries such as automotive, rail and construction.
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."
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