Aberdeenshire fire and safety services firm Oteac has snapped up HVAC and Refrigeration Engineering (HVAC&R ) in a £10.25million deal, more than doubling its headcount.
HVAC&R will retain its name and former co-owner Raymond Davidson will stay on at the company for the duration of the integration period.
Russell Bell, who founded HVAC&R alongside Mr Davidson in 1999, will retain his role as services director.
The addition of HVAC&R, which is soon to move from Bridge of Don, Aberdeen, to its new digs at The Core business park at Murcar, increases Oteac’s workforce to 188, from 80.
Oteac chief executive Bill Hogarty said: “There are many new avenues to develop and grow by combining these two companies. By bringing them together we are pooling the best resources in the industry to create a significant offering to customers – linked by legislation and compliance.”
Lonsdale Capital Partners, which holds a controlling stake in Maryculter-based Oteac, helped finance the deal.
David Gasparro of Lonsdale said: “We have been very impressed by the HVAC&R management team and it is a natural add-on to Oteac. By making this acquisition and combining these two leading businesses we are creating a strong customer proposition.”