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Clade Engineering Systems, the UK’s leading manufacturer of natural refrigerant CO2 heat pumps, has announced a new partnership with Groupe Atlantic’s UK, ROI & North America Division.
Energy specialists at PKF Francis Clark advised Clade’s shareholders on the deal, including identifying potential investment partners, negotiation, deal structuring and tax transactional support.
Headquartered in Bristol, Clade manufactures natural refrigerant CO2 heating and refrigeration solutions at its technology hub in Leeds. Founded in 1985 as a refrigeration services company, it has deployed over 500 natural refrigerant appliances and since expanded into manufacturing refrigerant appliances and CO2 heat pump technologies.
Founded in France in 1968, Groupe Atlantic is a market-leading designer and manufacturer of heating systems, boilers, water heats, ventilation and air conditioning, heat pumps and more. With a turnover of €3bn, the group employs over 12,000 people worldwide and has a portfolio of 25 brands, including Ideal Commercial Heating, Hamworthy, ACV and Keston.
Dean Frost, managing director at Clade, said: “We are excited to partner with Groupe Atlantic and benefit from the expansive support and knowledge that comes from partnering with a group that has a collective history of over 100 years of expertise in UK domestic and commercial heating. We look forward to the opportunities working together will bring and being able to offer our cutting-edge technologies to even more commercial customers.”
Using our previous experience of making transactions happen in the heat pumps sector, we were pleased to support Clade on their journey to this transformational partnership.
Paul Crocker, corporate finance partner at PKF Francis Clark, said: “Having worked with the Clade shareholders for over 12 months to secure investment to take the business to the next level, we’re delighted to have brought this deal to fruition and look forward to seeing Clade accelerate the rollout of its low carbon technology in partnership with Groupe Atlantic.”
Rob Gear, corporate finance director, added: “This is a significant deal which supports the UK’s strategy for decarbonising heating solutions on the path to net zero. Clade enjoys a unique position in the UK market for the manufacture and delivery of commercial heat pumps using natural refrigerant CO2 heating solutions, which it is well placed to build on with the backing of Groupe Atlantic. Using our previous experience of making transactions happen in the heat pumps sector, we were pleased to support Clade on their journey to this transformational partnership.”
The PKF team’s support and guidance of the management and shareholders of Clade has been excellent throughout the investment process.
Michael Hodgson, finance director at Clade, said: “We chose PKF Francis Clark to be our corporate finance advisor because of their experience in the renewable energy sector, in particular heat pumps. The PKF team’s support and guidance of the management and shareholders of Clade has been excellent throughout the investment process, vindicating that original decision.”
A specialist in helping customers in the retail, commercial, industrial and public sectors reduce carbon emissions, Clade’s range of energy-efficient heat pumps can generate from 50kW to >1MW. With their expertise in natural refrigerant technology and heat pumps, Clade substantially increases Groupe Atlantic’s commercial offering.
Shaun Edwards, CEO of Groupe Atlantic’s UK, ROI & North America Division, said: “As part of our strategy and commitment to offer the most advanced technologies for all our customers, we are delighted to be investing in Clade. By strengthening our expertise and portfolio in CO2 heat pumps, Groupe Atlantic will be able to give its commercial customers even more choice when it comes to paving the way for a sustainable and greener future.”
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