Space Engineering

We’re pleased to have acted as the lead sell-side adviser on the sale of a refrigeration engineering firm to an international engineering technologies provider.

Space Engineering, based in Bristol, is a leading UK provider of mechanical and electrical engineering solutions covering refrigeration, heating, ventilation and air conditioning. The business is the largest manufacturer of CO₂ refrigeration packs in the UK, and works with major organisations across the UK, including the majority of UK leading supermarkets.

It has now been acquired by bluu unit, a German refrigeration, air conditioning, and ventilation technologies provider whose existing operations span Germany, Ireland and Denmark.

The deal marks bluu unit’s first expansion into the UK, while Space Engineering’s leadership team has retained a minority shareholding and will remain in the business to provide continuity. Space Engineering will now act as the foundation for bluu unit’s UK platform as it looks to build a significant and growing presence in the country’s market.

Our Corporate Finance team acted as the lead sell-side advisers to Space Engineering on this transaction. We prepared the business for market before identifying and engaging with a carefully selected group of potential buyers. Once bluu unit emerged as the ideal partner to take the business forward, we then led on negotiations and managed the deal through to completion.

Tim Spooner, Partner at FRP Corporate Finance, said: “The combination of Space Engineering and bluu unit brings together two businesses at the forefront of delivering resilient and sustainable refrigeration infrastructure to one of the UK’s most essential industries. This transaction reflects the strength and quality of the Space business and its management team, plus a compelling opportunity for future growth. It was a pleasure to support the shareholders in achieving this successful outcome. Deals like this demonstrate the depth of outstanding businesses across the South West and the continued appetite from buyers for high-quality regional companies.”

Dale Nouch, Managing Director at Space Engineering, added: “FRP provided excellent advice throughout the transaction between Space Engineering Services and bluu unit, delivering outstanding communication at every stage. We are incredibly grateful to Tim, Clare and Emma, whose commitment and tireless efforts kept the fast-moving acquisition firmly on track. Their professionalism, energy and unwavering support made the entire process seamless and helped achieve a truly fantastic outcome for everyone involved.”