25 May 2015
HVAC&R Limited (HVAC&R), a leading provider of business critical heating, ventilation and air conditioning solutions to the oil and gas sector, has been acquired for £10.25million with capital from Lonsdale Capital Partners to integrate into existing investment, Oteac. Royal Bank of Scotland are the senior debt providers on the deal.
Oteac provides fire and safety services to the oil and gas, drilling, marine, public service and industrial / commercial sectors. 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 in the UK and internationally.
David Gasparro, Partner at Lonsdale Capital Partners comments, “We have been very impressed by the HVAC&R management team and it is a natural add-on to Oteac for Lonsdale. HVAC&R has seen significant growth in recent years and by making this acquisition and combining these two leading business we are creating a strong customer proposition.”
Oteac CEO Bill Hogarty will oversee both companies and their integration. Lonsdale has also appointed Alan Wilson as Non-Executive Chairman of the Group, who brings his wealth of experience in the sector. 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.”
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.