Wolseley Group has signed an agreement to acquire Kooltech, one of the UK’s largest air conditioning specialists, as it continues to increase its portfolio of suppliers and distributors across the UK.
The deal - for an undisclosed sum - is expected to complete in mid-2023.
Kooltech has a history dating back more than 40 years. Headquartered in Glasgow, the family-owned business employs more than 100 people across seven locations, servicing trade professionals across the climate/cooling/air conditioning sector.
Following completion, the company will operate as a standalone business within the Wolseley Group.
The move follows a search by Kooltech since the end of 2021 for a business partner to help fuel further growth and reach even more customers.
In agreement with Wolseley, a 10-year lease extension on the Kooltech premises in Glasgow has been signed.
Kooltech has also set to open a branch in Cambridge in the coming months, as well as continuing to recruit an additional 20 new roles.
Wolseley is continuing to increase its capabilities as a leading plumbing, heating, cooling and infrastructure trade merchant.
Simon Oakland, chief executive of the Wolseley Group, said: “Our aim is to be the most complete specialist provider of plumbing, heating, cooling and infrastructure products.
“Kooltech joining our group will enable us to extend our offer to customers further across the sector and create new opportunities for Kooltech as part of a broader business.”
Jonathan Brown, commercial director of Kooltech, said: “We’re really excited about the opportunity and the benefits that this deal will bring. Kooltech is a business that is performing well and experiencing exceptional growth.
“Wolseley is a great business that aligns with our culture and ambitions. Wolseley and Kooltech are complementary businesses that will be stronger together.”
The shareholders of Kooltech were advised by EY and Burness Paull.
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