The deal

Our Corporate Finance team has advised Stamm International Corporation (SIC) on the sale of its subsidiary Powrmatic Limited, a world-renowned HVAC equipment manufacturer, to Carver Group.

Established more than 74 years ago with manufacturing and distribution facilities in Ilminster, Somerset and Dublin, Powrmatic is a leading manufacturer of industrial and commercial heating, ventilating and air conditioning (HVAC) equipment with well-established representation throughout the United Kingdom, Europe and beyond.

Established in 1776, the Carver Group is an 8th generation family-owned business based in the West Midlands that owns and manages a portfolio of brands which design, manufacture and install innovative HVAC solutions for a wide range of market sectors including retail, commercial, industry, and the public sector.

SIC appointed our team at FRP Corporate Finance as lead corporate finance advisers. The team, which was led by Partner Simon Davies and supported by Associate Director Ben Lowe and Manager Nick Wright.

The deal represents an exciting step in the Carver Group’s ambitious plans to continue to grow and invest in businesses in the HVAC sector in Europe and North America.

Simon Davies, Partner at FRP Corporate Finance, said: “The acquisition of Powrmatic Limited marks a significant milestone for Carver Group, as it incorporates another highly respected brand into its portfolio whilst strengthening its presence in the UK industrial and commercial heating sector. This transaction highlights the continued demand for businesses with specialised expertise in providing innovative commercial and industrial solutions in the HVAC industry.”

Marilyn Skony Stamm, president and CEO at Stamm International Corporation, said:  “FRP Corporate Finance achieved SIC’s objective of finding the right strategic buyer.  As a family owned business the Carver Group shares our business values and will provide an excellent platform for Powrmatic’s continued growth and a good home for its incredibly talented employees. In achieving this objective, the FRP Corporate Finance team of Simon, Ben and Nick worked tirelessly with the SIC team in developing materials, analysing information, and problem solving where necessary, but always with great attention to detail, humour, tenacity and empathy. I would have no hesitation in recommending FRP Corporate Finance.”

Aidan Killeen, CEO at Carver Group, said: “There are considerable business synergies in the portfolio of products manufactured by Powrmatic and we believe this acquisition will afford our customers a greater product offer and solution. The Powrmatic ethos and values are an excellent fit for the Carver Group, being privately owned with a long legacy of success and dedication to customer satisfaction and quality”.

SIC were advised by FRP Corporate Finance (Lead Advisory) and Baker McKenzie (Legal). Carver Group were advised by PKF Smith Cooper (Financial Due Diligence and Lead Advisory) and Penningtons Manches Coopers (Legal).