Oteac, the Aberdeenshire-based integrated fire and safety services organisation, has acquired critical heating, ventilation and air conditioning company HVAC&R Limited (HVAC&R), in a deal worth £10.25 million with funding from Lonsdale Capital Partners and RBS
The company’s acquisition and integration with HVAC&R will create an enhanced engineering services offering for customers’ safety needs, as well as providing opportunities for growth both in the UK and internationally.
HVAC&R will retain its name and will become part of the Oteac Group, with its 108 employees more than doubling Oteac’s existing staff of 80.
Bill Hogarty, Oteac Chief Executive, will oversee both companies and their integration.
Lonsdale, which holds a controlling stake in Oteac, has also appointed Alan Wilson to be Non-Executive Chairman of the Group, and he brings a wealth of experience in the sector.
HVAC&R’s Managing Director, Raymond Davidson, will remain with the company to provide customer support during the period of integration. Russell Bell, the other company founder, will also be remaining with the company in his current role of Services Director.
Following the acquisition, HVAC&R will shortly move to larger custom built premises at Murcar, Aberdeen, which will enhance production capability to meet increasing customer demand for its Hazcool and Climarine brands.
Bill Hogarty, CEO of the Group said, “There are many new avenues to develop and grow by combining these two companies. By bringing them together we are pooling the best resources in the industry to create a significant offering to customers - linked by legislation and compliance.”
David Gasparro, Partner at Lonsdale Capital Partners, added: “We have been very impressed by the HVAC&R management team and it is a natural add on to Oteac. Both companies have seen significant growth in recent years and by making this acquisition, and combining these two leading businesses, we are creating a strong customer proposition. We are excited to take on the established competitors within the industry.”
Established in 1985, OTEAC is an international service company offering fire and gas detection and suppression systems and related design and engineering services to the oil and gas and marine sectors globally, together with a complementary onshore fire and security business serving large private and public sector clients.
HVAC&R (Heating, Ventilation, Air Conditioning and Refrigeration Limited) headquartered in Aberdeen, Scotland is a leading provider of business critical and bespoke engineering solutions; primarily to the oil and gas, onshore petrochemical and marine sectors. It was established in 1999 by Raymond Davidson and Russell Bell. The Company operates predominately in the North Sea, as well as overseas with customers in Asia Pacific, the Middle East, the Caspian Sea, Central Europe, Africa and the Americas.
More information on the 2013 Oteac acquisition can be found here
HVAC&R’s website can be located at: www.hvac-refrigeration.co.uk
Oteac’s website can be located at: www.oteac.co.uk