Climaveneta has signed an agreement to acquire the majority of Powermaster Products, its long established distribution partner for England and Wales, together with the majority of Powermaster Service, the service organisation that is active across UK. The move follows the acquisition of the chiller distribution and service activities of Climate from the Walter Meier Group in 2011.
Going forward, an integration process will begin to establish a Group operation and provide one of the strongest sales and service teams for commercial HVAC and process cooling in the UK. 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 Managing Director of the new Climaveneta UK Group.
Mike Slattery, after successfully managing the transaction of Climaveneta UK from Climate, has resigned from the company to pursue new professional opportunities.
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 is also in line with Climaveneta’s respect for its distribution partners, following the acquisition 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.