Viessmann has expanded its presence in the UK heat pump installation market with a renewable energy services business acquisition from Pacifica Group.
The German company has completed a management buyout of Pacifica Group’s Home Services division in partnership with its existing senior management team, which will result in a multi-million investment.
Synova will retain ownership of Pacifica Group together with its management team, which includes its appliances services and UK warranty divisions.
Kevin Brown will remain as CEO of North East-based Pacifica Group as well as taking the role of non-executive director in the new standalone home services business, whilst Phil Pallister will lead PHS as its chief executive officer.
Viessmann, which has already made 22 international acquisitions in countries including South Africa, Australia and the Netherlands, said it will benefit from PHS’s well-established UK domestic energy services.
PHS installs and maintains home heating systems and provides insulation services to a cross section of customers including utility companies, housebuilders, housing associations and private customers.
Employing around 240 people, in 2021 PHS will generate revenues of approximately £45m.
The acquisition includes Pacifica’s Oakes Energy Services business, which provides dedicated renewable energy solutions, such as air & ground source heating and solar PV for both domestic and commercial property markets.
All colleagues working for PHS and Oakes Energy Services will remain unaffected and continue as employees of the home services business under the ownership of Viessmann, transferring with the business under the terms of the deal, a statement added.
Timo Tauber, managing director Viessmann Investment GmbH, said: “With the acquisition of PHS, we are strengthening our services and sales activities within the UK for the long term. Even more importantly, we are positioning ourselves sustainably in the strongly-growing British heat pump market.”