UK: Hull-based refrigeration and air conditioning specialist Airco has added to its portfolio with the acquisition of a gas and heating specialist.
In a deal described as “a great move” for both parties, Airco has acquired Natural Gas Services, a local company established in 1995.
The buyout comes after Roy Bailey, the founder of Natural Gas Service, decided to retire after a long and successful career.
The move enables Airco to extend its services into the commercial plumbing and heating sector, doubling its number of heating engineers to 12.
Neil Fisher, founder and managing director of Airco, said: “I have known Roy for about 30 years and Airco and Natural Gas Services have worked together many times.
“There are synergies between the two companies, particularly in terms of our values and commitment to service.
“For Airco, the move has two advantages. Firstly, when we started, air conditioning and heating were two different disciplines. But as technology has advanced there is now a lot of crossover between the two, meaning we had a requirement for more heating engineers. Buying Natural Gas Services fulfils this requirement.
“Secondly, by expanding our existing heating division, we are able to tender for and carry out more dedicated industrial and commercial plumbing and heating contracts, so the buyout will contribute to our existing growth plans.
Airco Ltd was founded in 1991 and now employs 105 people at six locations, including Hull, Immingham, Leeds, Birmingham, Milton Keynes and Central London.