Air conditioning specialist Four Seasons Control has expanded its operations into a new region of the UK after completing a seven figure deal. The air conditioning designer, installer and maintenance provider bought rival company Air-conditioning and Associated Services (AAS) for £9 million.
Air conditioning specialist Four Seasons Control has expanded its operations into a new region of the UK after completing a seven figure deal. The air conditioning designer, installer and maintenance provider bought rival company Air-conditioning and Associated Services (AAS) for £9 million.
The deal was backed by Barclays Ventures with senior debt and working capital provided by HBOS. The acquisition of AAS provides Four Seasons with a base in the south of England from where it plans to continue to expand.
As well as widening Four Seasons’ geographic presence, the deal improves its design, installation and maintenance service offering. The company bought AAS as part of its plans to benefit from growth in the air-conditioning market because of increasing public demand and legislation.
The enlarged group will be led by Tom Keeping, who led a buy-in at Four Seasons two years ago. He will be joined on the board by AAS’ vendor, Malcolm Lee, who becomes business development director.
The board, which also comprises directors Peter Singh and Adrian Butcher, will be complemented by Maurice McBride who joins as non-executive chairman. McBride has worked with several private equity-backed businesses including Barclays Ventures’ deal with facilities management provider Integral.
AAS was introduced to Four Seasons as a potential takeover target by BlueSky Corporate Finance. The firm had previously identified Tom Keeping as a suitable buy-in candidate for the group and was retained to project manage this latest transaction.
BlueSky was led by managing partner Cameron Varley, who arranged the financing of the deal. “The air conditioning sector is currently very buoyant and this deal gives the group the critical mass to benefit from this and takes it a step closer to offering the market true nationwide coverage.”
AAS’ shareholders were advised by accountant Vantis plc and law firm Solnick, led by founding partner Jeremy Solnick. He said the transaction had some logistical problems due to the number of parties involved. “All of these were overcome because of the co-operative spirit that prevailed between the parties and their advisers.”
Barclays appointed Robin and Terry Leggett of MBD to manage a commercial due diligence review of the companies involved in this transaction. “The acquisition has strong commercial and geographic logic in the development of a national operation with both companies strongly referenced by their respective client bases for their customer service,” Robin said.
Four Seasons, which is based in Leeds, serves companies such as WH Smith, Waterstones and William Hill. AAS primarily operates in the southeast with its clients including Nationwide Building Society, Costa Coffee and Carphone Warehouse.
