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Jun 18, 2024

HVAC business acquired by the Carver Group

A manufacturer and distributor of industrial and commercial heating, ventilating and air conditioning equipment has been acquired by the Carver Group. Powrmatic was established more than 74 years ago

A manufacturer and distributor of industrial and commercial heating, ventilating and air conditioning equipment has been acquired by the Carver Group.

Powrmatic was established more than 74 years ago and has manufacturing and distribution facilities in Ilminster, Somerset and Dublin.

The deal represents a step in the Carver Group's 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 in excess of 400 people across Europe and Canada.

Aidan Killeen, chief executive of Carver Group, said: "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."

The corporate team at the Birmingham office of Penningtons Manches Cooper advised the Carver Group. Its team was led by partners Adam McGiveron and Emma Bryant, supported by banking and finance specialist Andy Rushfirth.

McGiveron said: "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."

Darren Hodson, partner at PKF, led the team who provided corporate finance, financial and tax due diligence advice.

He added: "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."

Established in 1776, the Carver Group is an eighth-generation family business based in Walsall which owns and manages a portfolio of brands.

FRP Corporate Finance advised Stamm International Corporation on the sale.