Newsome acquires cooling technology provider - Yorkshire dealmakers advised
A Yorkshire provider of cooling technology for the food and drinks industries has been acquired by Newsome Ltd. Prominent dealmakers advised on the transaction.
Elland-based Newsome was founded in 1973 and provides temperature and humidity control advice, equipment and services to clients mainly operating in the plastics, food and beverage, chemical and medical industries.
The acquisition of Otley-based Penmann Climatic represents a key strategic acquisition for the company.
Penmann Climatic also provides cooling technology to the food and drinks industries, working with international brands including KP Snacks, Mars, Muller, Pladis, and Nestle.
Penmann Climatic began trading in 1979 and has most recently been spearheaded by brothers John and Damian Kirwin. John will remain employed by Penmann going forward, with Damian continuing as a consultant, working with the buyer to expand the services offered to the Penmann Climatic blue chip client base.
Penmann Climatic shareholder John Kirwin said: "I would like to thank Castle Square and Joseph for their hard work in securing the future of Penmann.
"The deal will help myself and Damian realise our longer-term withdrawal from the business to spend more time with our families in the future, but with a reassurance that the company and team are in the extremely capable hands of Newsome and are safeguarded for the future."
Richard Metcalfe, group managing director at Newsome, added: "We are delighted to have made the strategic acquisition of Penmann Climatic, which provides Newsome with additional investment opportunities and opens up the opportunity for capital sales and service and rental support for Penmann Climatic customers.
"Newsome’s investment in Penmann Climatic will further bolster its position as one of the largest providers of its kind in the UK, and I am grateful to have helped make that happen."
The Leeds office of national legal advisory firm Shoosmiths LLP, led by partner James Foster and supported by associate Amy Walton, provided legal advice to the shareholders.
James Foster said: "It was our pleasure to have worked closely with John and Damian over the past few months to guide them through the sale of Penmann Climatic, navigating the complexities of the transaction to steer the deal to successful completion.
"The success of Penmann Climatic is a credit to the hard work of John and Damian over the years and we look forward to the next chapter of the business as part of the Newsome group, which we trust will bring new and exciting opportunities for the business going forward."
The shareholders were also advised by Leeds-based chartered accountants' firm Brown Butler who provided accountancy and taxation advice.
Newsome was advised by the Leeds office of national law firm Schofield Sweeney and business advisory service Watson Buckle Chartered Accountants.
www.newsome.ltd.uk
www.penmann.co.uk
www.brownbutler.com
www.schofieldsweeney.co.uk
www.watsonbuckle.co.uk
