Smiths Group plc has acquired Heating & Cooling Products
Smiths Group plc, a leading industrial technology company, has acquired Heating & Cooling Products Inc. (HCP), a US-based manufacturer of heating, ventilation and air conditioning (HVAC) solutions.
Founded in 1955 and headquartered in Ohio, Cleveland, HCP is a manufacturer of HVAC solutions. Its products serve the residential, multi-family and light commercial HVAC markets and are distributed in over 25 states in the US and in Canada.
Smiths Group is a leading industrial technology company serving the medical technology, security and defense, general industrial, energy, and space and aerospace markets worldwide. Smiths acquired HCP for US$82m (approximately £65m) on a cash and debt-free basis. HCP’s unaudited revenue for the 12 months to 31 July 2023 was US$69m (approximately £55m). The company was purchased from a private seller in a proprietary transaction for less than 7x estimated 2023 EBITDA. It will be integrated into Smith’s Flex-Tek division. The addition of HCP will further expand Smiths Group’s presence in the North American HVAC market, enabling Smiths to serve customers with an even broader product range, including HCP’s patented axial and radial seal duct technology which improves energy efficiency.
Oaklins Evelyn Partners, based in the UK, supported Citizens Capital Markets as sell-side advisor to HCP in this transaction. Given our HVAC sector leadership, we were asked to assist in the sale of HCP. As part of that role, we positioned the opportunity to Smiths Group plc. The sale adds to Oaklins’ transaction expertise in the HVAC sector.
CEO, Smiths Group plc
Talk to the deal team
Oaklins Evelyn Partners
BBS Gebäudetechnik GmbH has been acquired by a strategic buyer
The shareholders of family-owned BBS Gebäudetechnik GmbH, based in Blankenfelde-Mahlow, Germany, have sold 100% of their shares in the company to a strategic buyer. By selling the company, the shareholders have secured the long-term future of their family business and have found a strategic partner for the consistent further development of the company.Learn more
Athletic Recovery Zone has been acquired by Dragon Seats
The shareholders of Athletic Recovery Zone have sold the company to Dragon Seats.Learn more
SEAT Ventilation has been acquired by the management team and Capital Export
Ciclad has sold its stake in SEAT Ventilation to the management team and Capital Export.Learn more