Management buyout secures Hadrian's future

A specialist air conditioning installation and maintenance firm has completed a management buyout.

Hadrian Air Conditioning and Refrigeration Limited has been acquired by long-standing employees Kevin Armstrong and Mick Hurst, who have taken ownership of firm from Alan and Libby Unsworth. 

The company, based in Washington, provides air conditioning services to customers across the north of England and has been operating for four decades.

Founded in 1985, Hadrian has changed hands through management buyouts before, with the latest deal ensuring continuity for the business while placing it under the leadership of experienced employees with in-depth knowledge of its operations and customers.

Alan said: “Kevin and Mick have been an integral part of the business for a number of years and were the obvious successors as the next generation to run Hadrian. 

“They both started working at Hadrian straight from school as apprentice engineers, so it’s a proud moment for us to see them graduate through the ranks. 

“The ongoing success and legacy of Hadrian is important to me, and I look forward to seeing the business continue to succeed in the future. 

“I’m sure the ethos built throughout Hadrian of proving an exceptional service to local businesses will carry on under the new leadership.”

Corporate finance advice on the transaction was provided by the Newcastle-based team at S&W, supporting the management team through the buyout process. 

Chris Hird, who led on the transaction from S&W and was assisted by Lee Jefferson, added: “Hadrian has developed an outstanding reputation over a number of years for the quality of it work and service levels. 

“My congratulations to Alan, Libby, Kevin and Mick on the transaction. 

“I look forward to the ongoing success of Hadrian under the next generation of ownership.”

Funding for the deal was arranged by Stephen Johnson of TSF Finance, while legal advice was provided by Gerard Blackburn of Mulcahy Smith.

Legal advice to the management team was provided by Jabad Jaigirdar of JLF law.

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