NewsClimaveneta acquires UK distributor Powermaster
UK: Italian commercial air conditioning and refrigeration manufacturer Climaveneta is to acquire a majority stake in its England and Wales distributor Powermaster Products, together with the majority of its service organisation Powermaster Service. The move follows the acquisition of the chiller distribution and service activities of Climate Equipment from the Walter Meier Group in 2011.
The acquisition marks a further move towards establishing a Group operation. 'Climaveneta UK Group' will be managed by a board of directors with two representatives of Climaveneta and Steven Shepherd, founder of Powermaster, who will be md of the new Climaveneta UK Group.
Mike Slattery, the former md of Climate who successfully managed the transaction of Climaveneta UK from Climate, is said to have resigned from the company to pursue new professional opportunities.
A company statement claims this is "a further significant step in Climaveneta's strategy of commitment and investment in key European markets, combined with growing its activities in emerging markets. The UK is particularly relevant for its size and is focussed on energy efficiency and environmental sustainability combined with the presence of top international developers, world renowned architects and prestigious engineering firms, many with active operations overseas."
This transaction follows similar acquisitions of the majority of the distribution activities in Spain, China and Poland.
Powermaster Products and Powermaster Service were established in 1988 and have successfully promoted Climaveneta units since 1993. In 2011 sales were in excess of £11.2 million with close to 45 employees and a network of agents and partners. In 2011 Climaveneta UK achieved sales of £7m with a team of 45 employees.
The service team of the new combined group has 37 qualified technicians with nationwide coverage.
Powermaster Cooling remains the exclusive distributor for Scotland for Climaveneta products.
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