Birmingham Business Carves Route into North America
- Carver Group acquires Canada-based Applied Comfort Products
- Carver expand into new markets with HSBC funding package
Carver Group, the building ventilation, air heating and cooling business headquartered in Walsall, has acquired Canada-based Applied Comfort Products with HSBC financing.
The acquisition, supported by a loan from HSBC, enables Carver Group to expand into the North American heating, ventilation and cooling market (HVAC).
Applied Comfort Products is an establish business in North America, primarily manufacturing packaged terminal air conditioners (PTAC), a self-contained wall unit which can be independently controlled from other rooms.
Carver Group has targeted significant growth in turnover and profit by 2020 as a result of this acquisition and aims to use it as a means to grow its UK brands in the U.S.
These brands include Thermoscreens and Biddle Air Systems, which manufacture air curtains and climate control solutions respectively.
HSBC will also be Carvers on-going banking partner helping them streamline their manufacturing processes in the UK.
Aidan Killeen, Group CEO at Carver, said:
“North America is a big market for HVAC and we have been strategically looking for entry into the market. Acquiring Applied Comfort Products provides the ideal opportunity for us to have a greater presence in North America and grow our existing UK businesses.”
Markus Keller, HSBC’s Area Director for Corporate Banking in the West Midlands, said:
“We’re thrilled to have enabled Carver Group to complete the acquisition as it provides them with the perfect opportunity to enter the North American HVAC market.
HSBC is connecting UK businesses to international markets and we’re looking forward to helping Carver Group embark on this business venture.”