Avondale, the commercial business sales and acquisitions service provider has completed the sale of Heat Combustion Supplies Ltd to Newbury Investments Ltd.
Avondale was instructed by the majority shareholder Keith Morris to manage the sale of his business in November 2014. Established in 1989, Heat Combustion Supplies is a £4.2m turnover distributor to the HVAC sector. Mr Morris decided to sell to spend more time in America and pursue other business interests.
Newbury Investments is part of a substantial family business which trades extensively across North America, UK and Australia in the distribution space. The family already own a distributor in the HVAC industry, providing a strong commercial fit and presented a deal structure in alignment with the vendor’s objectives.
Keith Morris said: “I am delighted with the success of my business sale, Avondale not only negotiated the deal value and structure that was everything I hoped for but also the handover period I was looking for.”
Tim Hardman, managing director, Avondale said: “We are delighted to have achieved the correct financial and deal structure for Heat Combustion Supplies and Newbury Investments.”