Carver Group on HVAC acquisition trail
After a couple of ‘false starts’ Carver Group get off to a flyer on their acquisition search.
The Carver Group is a well established family owned group, which manages a portfolio of manufacturing businesses in the “air management” sector including; Biddle, Thermoscreens, Carver Clamps & Widney Leisure. Headquartered in the UK, Carver Group companies manufacture and install air and energy handling equipment for a diverse range of sectors in over 50 countries from offices in Germany, France, the Netherlands, Belgium, and UK & Canada.
To grow its business Carver has already put in place a plan for strong organic growth within its manufacturing businesses but also wished to complement this with strategic acquisitions in targeted, aligned and growing sectors.
Aidan Killeen, the CEO of Carver Group, was recommended to contact Strategic Allies Ltd (SAL) by the CEO of an ex-client of SAL who had successfully completed acquisitions with their help previously.
Working directly with Aidan, SAL established a plan for an international trawl of companies to meet Carver’s requirements. The target companies had to meet stringent EBITDA targets, have nothing but growth on their horizons and be in a narrow range of sectors of particular interest to Carver. Financials are always a priority but to ensure successful post acquisition integration so are other factors such as geography, customer base synergy and culture. Importantly the targets of interest were by definition “off-market”. They were of a specific size and successful and as such were not on the usual intermediaries public list of “companies for sale.” SAL’s well honed but novel approach is to seek companies with identified parameters that match a significant number of Carver’s requirements. SAL personnel then initiate contact with the CEO’s / senior decision makers in those target businesses, starting relationships that will allow them to eventually open discussions regarding potential alliances/acquisitions.
Working around a number of international exhibitions as an initial focus, within the first six months SAL proposed forty-two companies and, on the instructions from Carver’s CEO to proceed, set up initial ‘exploratory’ meetings with over twenty-nine companies from Italy to America.
Negotiations have now progressed to a very significant level between Carver and three excellent candidates. Consequently, we all have our fingers crossed for great news in 2016 but haven’t taken our foot off the pedal as we continue to search for new opportunities for Carver.
Aidan Killeen is delighted with his experience of SAL’s acquisition search service stating that “We engaged Strategic Allies some months ago to help us with the upfront prospecting work aimed at helping us identify suitable off market acquisition targets. Having had a number of “false starts” with other agencies advertising this service, I can highly recommend them for the way that they have represented our business in the market and the professional way they have dealt with us throughout the process. Most importantly they have identified some opportunities for us that will help our business grow in the future.”