A Teesside company is looking forward to an exciting future, following an acquisition by a multi-national market leader in the air-conditioning and refrigeration sector.
Award winning accountancy firm, Baldwins, advised on the transaction which has resulted in Middlesbrough-based JAVAC UK – the country’s largest supplier of refrigeration tools – being sold to condensate pump manufacturer, Aspen Pumps, for an undisclosed fee. Archers Law provided legal advice on the transaction.
For the last six months, Corporate Finance Director, Abu Ali has worked alongside Andrew Rowe, Accounts Director and Greg Hare, Tax Director, to negotiate the complex cross-border transaction.
Speaking about the deal, Javac UK founder and managing director, Steve Davies, who will remain with the business, said: “This is a great opportunity for JAVAC UK and Aspen to form an unbeatable partnership within the refrigeration and air-conditioning industry. We are all excited at the prospect and our business can now only develop and grow.”
Founded in 1973 by the Davies family, JAVAC UK has grown from a niche supplier of refrigeration and vacuum equipment to a leading force within the UK ACR industry.
Aspen Pumps, considered the global market leader in design and manufacture of condensate pumps, supplies internationally to markets in over 100 countries worldwide and puts its success down to its long term investment in innovation.
Following the sale, JAVAC, will become part of a multinational company, a significant factor for its future growth and development.
“I’m delighted for the client as they have realised significant value from the sale and are now part of a much bigger business, which will hopefully give them the platform to achieve further success,” said Mr Ali.
“It also highlights that there are some great businesses and entrepreneurs in the region that are clearly attractive and can add value to large, international entities.”
Daniel Flounders, Corporate Solicitor at Archers Law, led the legal aspects of the transaction in providing legal advice to the sellers. It was a multi-disciplinary approach with further legal advice from employment partner, Elizabeth Casey and members of the commercial property team.
Daniel said: “We’re delighted businesses are actively seeking to use regional professional advisors and this deal really demonstrates how active the Teesside market is with large corporate acquisitions, mergers and disposals.
“We are pleased the deal was successful for both the buyer and seller with it presenting a real opportunity to develop their businesses further.”
Baldwins Accountants is one of the largest, accountancy firms in the UK with 43 offices and 1250 staff. The firm specialises in accountancy and business advisory services, including corporate finance and specialist tax advice to all businesses from start-ups to mature companies, across a broad range of business sectors.
For more information, please visit: www.baldwinsaccountants.co.uk
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