Selling a business

ICS Cool Energy

Adviser to ICS Cool Energy, a HVAC sales and rental company, on its sale to Ingersoll Rand Inc.

The deal

Our Corporate Finance team has advised the owners of ICS Cool Energy, on the successful sale of the company to Ingersoll Rand, a leading manufacturer and supplier of HVAC equipment. ICS Cool Energy will become part of the company’s Commercial Heating, Ventilation and Air Conditioning (HVAC) business.

The team acted as lead adviser to the owners, completing a thorough marketing and sales process which attracted the attention of numerous potential industry buyers as well as private equity acquirers. Ingersoll Rand stood out due to their strong strategic synergy with ICS Cool Energy. Once selected as a preferred partner, the team helped structure the deal and project manage the process through to a successful completion within just four months from initiation, delivering an excellent outcome for the owners.

With company headquarters in Southampton, ICS Cool Energy is a privately-owned Temperature Control and HVAC solutions and services company that specializes in temporary rental of energy efficient chillers for commercial and industrial buildings across Europe. It also sells, permanently installs and services high performance temperature control systems for all types of industrial processes. The company has an extensive footprint in the UK, France, Germany, The Netherlands and Switzerland.

Ingersoll Rand is a global Temperature Control and HVAC solutions business, headquartered in the USA and with manufacturing and assembly operations in 51 plants world-wide including India and China. Ingersoll Rand operate under market-leading brands including Club Car, Thermo King and Trane, and serve customers in global commercial, industrial and residential markets. Ingersoll Rand were looking to invest in the European market and therefore recognised the synergy with ICS Cool Energy who could help increase their footprint in Europe and contribute towards their growth goals for HVAC equipment and services.

Group Chief Executive of ICS Cool Energy, Simon West, will remain the business leader.

“Our Corporate Finance team were appointed advisers delivering an excellent result for the shareholders. The experienced team, led by Clive Hatchard and supported by Darren Miller and James Mines, was a pleasure to work with, keeping all parties informed along the way ensuring a successful completion in line with expected timescales. Their depth of knowledge of our business and attention to detail in all aspects of the sale was a key factor in the success of the project.” Simon West, Group Chief Executive, ICS Cool Energy.

“ICS Cool Energy is a leader in the high margin rental services business with a reputation for strong customer service, helping building owners enhance productivity and reduce environmental impact. This acquisition is a strong fit with our Trane business, and strengthens our growth plans and ability to serve a broader range of customers in the important European market.” Dave Regnery, Executive Vice President of Ingersoll Rand.

Deal summary

Sector:

Industrials and Manufacturing

Deal type:

Company Sale - Family/Private

Deal size:

Undisclosed

The Corporate Finance team were appointed advisers delivering an excellent result for the shareholders. Simon West Group Chief Executvie of ICS Cool Energy

Related team

Clive Hatchard

Clive Hatchard

  • Partner
  • Corporate Finance
  • London West End, Reading

Darren Miller

Darren Miller

  • Partner
  • Corporate Finance
  • Reading

James Mines

James Mines

  • Partner
  • Corporate Finance
  • Reading

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