Founded in 1964 by John Adcock, Adcock Refrigeration has grown to become a widely respected organisation within the cooling and heating industry. With 230 staff across multiple regional offices, the management team have made the strategic decision to sell to Bowmer & Kirkland, one of the largest and most successful privately owned construction and development groups in the UK. The acquisition of Adcock’s expertise and market leading HVAC installation and maintenance services strengthens Bowmer & Kirkland’s construction offering even further.
After identifying Bowmer & Kirkland as the right company to continue the company’s legacy and growth trajectory, the vendors contacted PEMCF to provide them with transactional support. Philip Olagunju and James Lewin provided corporate finance advice, as well as Jan Fachot and Daniel Simper from the PEM Business Tax team, where they performed detailed net working capital and tax analysis and led the negotiations, adding value to the shareholders.
James Lewin, Manager at PEM Corporate Finance remarks:
“The team at PEM are proud to have supported Phillip and the Adcock management team in negotiations with B&K and would like to congratulate all involved on a successful transaction. We look forward to seeing Adcock’s and B&K’s future growth together and wish them all the best for the future.”
Legal advice to the vendor was provided by Laurence Evans and Joe Greenstock from HCR Hewitsons.
