Raising capital

Aqua Cooling Solutions

Adviser to private investors on capital investment into HVAC solutions company Aqua Cooling Solutions.

The deal

Our Corporate Finance team has advised experienced industrial cooling and process chilling specialists Philip Wilson and Russell Wilson, who were intrinsically involved in ICS Cool Energy, on their investment into Aqua Cooling Solutions Ltd (Aqua).

In 2018, the team led by Clive Hatchard, advised the shareholders of ICS Cool Energy, including Philip and Russell, on the sale of the business to Ingersoll Rand, a global leader in temperature control and HVAC solutions based in the US, in a £100 million deal which increased the Ingersoll Rand footprint into the European market.

On this latest transaction, the team has advised Philip and Russell on their private investment into Hampshire-based chiller company Aqua. Founded in 2001, Aqua has grown both organically and through acquisition and over the years has established itself as a market leader for technically led cooling solutions.

Founders Simon Davis and Kevin Lancaster recognised that to move the business to the next level they would need a capital investment, which would enable the expansion of the rental arm of the business, which includes the purchase of new equipment, new premises, and the recruitment of additional personnel. Clive Hatchard worked with Philip and Russell on the business valuation, transaction price negotiation and heads of terms, and advised the team through the due diligence and legalities to ensure a successful completion and favourable deal for all parties. Following completion Philip and Russel have joined the Aqua board alongside Kevin and Simon, with Philip taking on a consultative role as a non-executive director, and Russell leading the rental division.

“Having dealt with the team on a number of projects I know I’m getting the benefit of their many years of experience and down to earth no-nonsense advice.” Philip Wilson.

“We aim to combine Aqua’s 20-year legacy and reputation with our industry experience, to create something really quite special for the marketplace. From a hire perspective, Aqua is now positioned to offer customers technical expertise, site specific hire solutions and a technically innovative fleet of equipment.” Russell Wilson.

“We have a great team with an over-arching belief that we can be number one in our industry. Phil and Russell joining us will be key to delivering that aspiration.” Simon Davis, owner and founder of Aqua.

“Aqua is a long established business with a great reputation. This is the ideal platform for Philip and Russell to repeat their previous success in the industry and build a world class rental division alongside Kevin and Simon, who will continue to develop the sales and service divisions.” Clive Hatchard, Partner.

Deal summary

Sector:

Manufacturing

Deal type:

Buying a business

Deal size:

Undisclosed

Having dealt with the team on a number of projects I know I’m getting the benefit of their many years of experience and down to earth no-nonsense advice. Philip Wilson Non-Executive Director at Aqua Cooling Solutions

Related team

Clive Hatchard

Clive Hatchard

  • Partner
  • Corporate Finance
  • London West End, Reading

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