Rapidly growing building services group, Thermotech, has acquired air conditioning specialist, Oakwood, to bring together two of the strongest names in the sector. Oakwood has a strong reputation for quality services built over its 40 year history since it was started by MD, Jon Holmes. Jon, and Sales and Technical Director, Charles Hart, will both remain in their existing roles to manage the business, which has offices in both Cheshire and London.
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Bill Squires, Chief Executive, of Thermotech commented: "We are delighted to welcome the whole Oakwood team to Thermotech. Their operations add significant capabilities and scale to our existing fire protection and mechanical services businesses. Our combined turnover is now heading towards £20m. Jon and Charles have built strong, long-term relationships with impressive clients and we look forward to the benefit they will bring to our combined growth”.
Thermotech operates nationally providing fire protection and HVAC service & maintenance and system design & installation for clients including Betta Living, Boots, John Lewis Partnership, M&S, and Sofology and a large portfolio of commercial offices and shopping centres.
Jon Holmes, MD, of Oakwood, said: "We are excited to be working with the team at Thermotech. We are pleased to join an organisation with similar culture and values that shares our passion for service excellence.”
James Livingston, Foresight non-executive director at Thermotech said, "This is an exciting transaction, bringing together two strong businesses, both with great client relationships and a reputation for quality services.”
The acquisition has been financed with lending facilities from Allied Irish Bank (GB), Mike Rogers, Senior Relationship Manager at AIB (GB) said: "We are delighted to have been able to support the Thermotech team in growing their business by providing the funding for the acquisition. AIB (GB) is committed to helping business owners achieve their goals and we look forward to working with the team as it continues on its growth journey.”
Thermotech are advised by Gateley Plc, Freeman Fisher advised Oakwood on the transaction.
Notes for editors:
Thermotech is a building services group operating nationally from its support centre in Stockport, Cheshire.
Thermotech Fire Protection designs, installs and maintains active fire protection.
Thermotech Mechanical Services designs, installs and maintains heating, ventilation and air conditioning systems.
In 2013, Thermotech received a £2.5 million investment from Foresight Group, the leading independent infrastructure and private equity investment manager.
Oakwood is an air conditioning specialist operating nationally, from offices in Cheshire and London.
For further information on this press release or the companies involved contact:
Bill Squires, Chief Executive, Thermotech on 07867 554436
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has over £1.8 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprising fifteen investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.