Of the acquisition, Dave Regnery, executive vice president of Ingersoll-Rand said: “ICS Cool Energy is a leader in the high margin rental services business with a reputation for strong customer service, helping building owners enhance productivity and reduce environmental impact. This acquisition is a strong fit with our Trane business, and strengthens our growth plans and ability to serve a broader range of customers in the important European market.”

Simon West, group chief executive for ICS Cool Energy added: “We are excited to be part of Ingersoll Rand because of its market leadership, strong values and commitment to customers. Our track record of customer service, our footprint and our capabilities in temporary rental services are complementary to the Trane business. Together, we will create even greater value for European customers.”

ICS Cool Energy is headquartered in Southampton and has an extensive footprint in the United Kingdom, France, Germany, the Netherlands and Switzerland.

Moore Blatch worked alongside Spectrum Corporate Finance and Osborne Clarke on the deal.

Roger Bailey, Moore Blatch corporate partner, said: “We have worked with ICS Cool Energy for many years and this deal is the culmination of a huge amount of time and effort spent by the shareholder directors in developing the business to its current size and profile. Many congratulations to them.”

Mr West said: “We are indebted to Moore Blatch whose sound advice and energy contributed immensely to the success of the deal. The Moore Blatch team worked tirelessly within a tight timeframe and seamlessly alongside the ICS Cool Energy management team and our other advisers to help ensure an excellent result.”