Stockport’s Thermotech acquires air conditioning firm Oakwood

Building services company Thermotech has acquired Cheshire- and London-based air conditioning business Oakwood.

Following the transaction, Oakwood’s Jon Holmes, who founded the firm 40 years ago, will retain his position as managing director alongside sales and technical director Charles Hart.

Headquartered in Stockport, Thermotech provides building system design, installation and maintenance services for a number of national brands, including retailers Boots, M&S, Sofology and John Lewis Partnership, in addition to a UK-wide portfolio of shopping centres and offices.

Thermotech chief executive Bill Squires said: “We are delighted to welcome the whole Oakwood team to Thermotech.

“Their operations add significant capabilities and scale to our existing fire protection and mechanical services businesses. Our combined turnover is now heading towards £20m.”

He added: “Jon and Charles have built strong, long-term relationships with impressive clients and we look forward to the benefit they will bring to our combined growth.”

The deal was financed with a lending facility provided by Allied Irish Bank (GB).

Mike Rogers, a senior relationship manager with AIB (GB), commented: “We are delighted to have been able to support the Thermotech team in growing their business by providing the funding for the acquisition.

“AIB (GB) is committed to helping business owners achieve their goals and we look forward to working with the team as it continues on its growth journey.”

Thermotech was advised by law firm Gateley Plc during the transaction, while Oakwood was advised by Freeman Fisher.

Oakwood MD Jon Holmes said: “We are excited to be working with the team at Thermotech.

“We are pleased to join an organisation with similar culture and values, that shares our passion for service excellence.”

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