UK: Air conditioning equipment distributor Kooltech has been acquired by the Wolseley Group.
Kooltech, which was shocked by the sudden death of MD and major shareholder Murray Sharp in August, says the decision follows a detailed search begun at the end of 2021 for a business partner to fuel further growth.
As one of the UK’s largest air conditioning product distributors, Kooltech will continue to operate as a standalone business within the Wolseley Group under its current management team. In agreement with Wolseley Group, a 10-year lease extension has been signed on Kooltech’s Glasgow headquarters.
A family-owned business, Kooltech has a history dating back more than 40 years. It employs more than 100 people across seven locations.
“We’re really excited about the opportunity and the benefits that this deal will bring,” said Kooltech commercial director Jonathan Brown. “Kooltech is a business that is performing well and experiencing exceptional growth. Wolseley is a great business that aligns with our culture and ambitions.”
“Wolseley is continuing to bring together the UK’s best in our aim to be the most complete specialist provider of plumbing, heating, cooling and infrastructure products,” commented Wolseley Group chief executive Simon Oakland. “Kooltech joining our group will enable us to extend our offer to customers further across the sector and create new opportunities for Kooltech as part of a broader business.”
The deal is expected to be completed in mid-2023.
Kooltech also confirmed today the upcoming opening of a new branch in Cambridge, as well as continuing to recruit an additional 20 new roles.