Carver Group expands with Canadian acquisition
Family-owned manufacturing businesses, Carver Group, has acquired Canadian-based Applied Comfort Solutions to strengthen its product portfolio and open routes to the US market.
The acquisition marks the first moves of the family business’ ambitious growth plans to double in size over the next five years through organic growth and carefully selected acquisitions. Carver Group, which encompasses international brands biddle, thermoscreens and Widney, has over 240 years of rich heritage behind it, with roots firmly in the Black Country.
The acquisition, which completed on Monday 12 December for an undisclosed sum, will see the business and its workforce increase by circa 25 per cent 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). Although providing routes to market in the US, the Midlands-based centres will benefit from an increased and varied product manufacturing range.
Aidan Killeen, Group CEO at Carver Group, said:
“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. With 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, said: “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.”
BDO provided corporate finance and tax advice on the acquisition. Tom Lawton, BDO’s National Head of Manufacturing said: “BDO have enjoyed a long relationship with Carver Group. We were very pleased to support the company through this latest acquisition and look forward to supporting their future success.”