Diverse HVAC giant buys into UK’s biggest refrigeration contractor as it builds European platform.
Space Engineering Services has ended industry speculation with the completion of a deal with diverse manufacturer Hill Phoenix Inc, which will see Space working closely with new sister companies Danish CO2 specialist Advansor and glass door manufacturer Anthony International. Space said the US firm has purchased a minority interest in the Bristol based company, but did not disclose the size of the stake.
Chairman of Space Engineering Rick Taylor said, “This is an exciting time to be part of the Space Engineering success story. The minority investment made by Hill Phoenix will bring great benefit to both companies and we look forward to working even more closely with the Hill Phoenix group. Our customers will benefit from the innovative engineering and continuous investment in research and development in refrigeration technology that Hill Phoenix brings to the market. We believe that this collaboration will be great news for our customers and for our company.”
The management of the contractor will remain in place.
Paul Sindoni, Hillphoenix president and CEO. added: “The depth, skills, and desire of the Space Engineering Services management team to lead the company to new levels of excellence as a result of our investment were a critical part of our assessment of this opportunity.”
Mr Sindoni added: “This investment agreement will provide our European customers with even more options for reducing their carbon footprint and operational costs. Hill Phoenix’s continued focus on product innovation is a key differentiator in our markets, and this collaboration with Space Engineering Services will build on our technology-leading portfolio.”