18
Jul
Viessmann, a global manufacturer specialising in climate control products and refrigeration solutions, has successfully completed a management buyout of Pacifica Group’s Home Services division. The acquisition was made in collaboration with Viessmann’s existing senior management team, signifying a significant multi-million investment to establish a renewables-driven home services operation in the United Kingdom.
The buyout involved Viessmann taking over Pacifica Home Services (PHS) from Pacifica Group, Ltd, a company backed by prominent European growth investor, Synova. As part of the deal, Synova will retain ownership of Pacifica Group, which includes its appliances services and UK warranty divisions, with continued support for their development. Pacifica Group is known for repairing over 350,000 home appliances annually.
Viessmann’s strategic investment will pave the way for the development of cutting-edge green technology expertise within the home services business and expansion into a comprehensive range of digital solutions. Notably, Kevin Brown, the current CEO of Northeast-based Pacifica Group, will remain in his position and also serve as a non-executive director in the new standalone home services business. Phil Pallister will take on the role of Chief Executive Officer of PHS.
This acquisition further strengthens Viessmann’s global presence, having previously completed 22 international acquisitions across countries like South Africa, Australia, and the Netherlands. Additionally, the collaboration with PHS provides Viessmann access to well-established UK domestic energy services.
PHS is known for its installation and maintenance of home heating systems and provision of insulation services to various customers, including utility companies, housebuilders, housing associations, and private individuals. With approximately 240 employees, PHS is projected to generate revenues of around £45 million in 2021.
Notably, the acquisition encompasses Pacifica’s Oakes Energy Services business, which focuses on providing dedicated renewable energy solutions, such as air and ground source heating and solar PV, for both domestic and commercial properties.
Fortunately, all employees working for PHS and Oakes Energy Services will continue to work under the ownership of Viessmann, with their roles and responsibilities remaining unchanged under the terms of the deal.
This strategic collaboration aligns with the UK government’s goal to achieve net-zero emissions and the impending ban on gas boilers for new build properties from 2025. Viessmann’s expertise in the electric heat pump segment positions them well to support this strategy, leveraging PHS’s UK market expertise.
Recently, Viessmann introduced the next generation of heat pumps designed not only for well-insulated new buildings but also for existing renovated buildings, owing to their high-flow temperature capabilities. This innovative approach further bolsters their commitment to sustainable solutions and advancements in renewable energy technologies.