New acquisition strengthens position in North American HVAC market
Deal Flash
Smiths Group plc, a leading UK-based industrial technology company, has acquired Heating & Cooling Products (HCP), a US-based manufacturer of heating, ventilation & air conditioning (HVAC) solutions.
Founded in 1955 and headquartered in Cleveland, Ohio, HCP’s products serve the residential, multi-family and light commercial HVAC markets, and are distributed in over 25 states in the USA and Canada.
Smiths has now posted eight straight quarters of growth, and the addition of HCP allows us to further build on this momentum by adding synergistic capabilities through an accretive transaction in a market we know well. We welcome our new colleagues from HCP to Smiths.PAUL KLEE, CEO, SMITHS GROUP PLC, UNITED KINGDOM
Oaklins’ expertise was instrumental in facilitating this deal
Oaklins Evelyn Partners, based in the UK, supported Citizens Capital Markets as sell-side advisor to HCP in this transaction. Given our HVAC sector leadership, we were able to assist in the sale of HCP and, as part of that role, we positioned the opportunity to Smiths Group plc. The sale adds to Oaklins’ transaction experience in the HVAC sector.
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