Space Engineering Services has entered into an investment agreement with Hill Phoenix, a Dover Company based in the US. The investment in Space Engineering, which was completed today, will also see the current management team remaining with the company to ensure its continued success.
Chairman of Space Engineering Rick Taylor said: “This is an exciting time to be part of the Space Engineering success story. The minority investment made by Hill Phoenix will bring great benefit to both companies and we look forward to working even more closely with the Hill Phoenix group, including Danish CO2 systems supplier Advansor and glass door manufacturer Anthony International. Space Engineering Services customers will benefit from the innovative engineering and continuous investment in research and development in refrigeration technology that Hill Phoenix brings to the market. We believe that this collaboration will be great news for our customers and for our company.”
Under the terms of the transaction, Hill Phoenix has purchased a minority interest in the Bristol-based company. “The depth, skills, and desire of the Space Engineering Services management team to lead the company to new levels of excellence as a result of our investment were a critical part of our assessment of this opportunity,” said Paul Sindoni, Hill Phoenix president and chief executive.
“This investment agreement will provide our European customers with even more options for reducing their carbon footprint and operational costs. Hill Phoenix’s continued focus on product innovation is a key differentiator in our markets, and this collaboration with Space Engineering Services will build on our technology-leading portfolio.”