Published on 15 - May - 2012
Climaveneta has signed an agreement to acquire most of Powermaster Products, its long established distribution partner for England and Wales, together with the majority of service organisation Powermaster Service. The move follows the acquisition of the chiller distribution and service activities of Climate from the Walter Meier Group in 2011.
Climaveneta acquires Powermaster to form Climaveneta UK Group
An integration process will begin to establish a Group operation. '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.
After managing the transaction of Climaveneta UK from Climate, Mike Slattery has resigned from the company to pursue new professional opportunities.
This is a further step in Climaveneta's strategy of investment in key European markets, combined with growing its activities in emerging markets.
A company statement said: "The UK is particularly relevant for its size and is focused 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."
Powermaster Products and Powermaster Service were established in 1988 and have promoted Climaveneta units since 1993. In 2011, sales for Powermaster were more than £11.2 million with close to 45 employees and a network of agents and partners. In 2011 Climaveneta UK had sales of £7m with 45 employees.
The service team of the new combined group has 37 qualified technicians with nationwide coverage.
Powermaster Cooling remains the exclusive distributor for Scotland for Climaveneta products.
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