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Barclays backs aircon acquisition

By Mark Dunne on May 30 2007

Air conditioning specialist Four Seasons Control has expanded to the south of England after completing a seven-figure deal. The Leeds-based company bought its rival Air-conditioning and Associated Services (AAS) for £9 million.

The deal was backed by Barclays Ventures with senior debt and working capital provided by HBOS. As well as expanding Four Seasons’ geographical presence, the deal improves its design, installation and maintenance offerings.

The enlarged group is led by Tom Keeping, who led a buy-in at Four Seasons two years ago. He is joined on the board by the seller of AAS, Malcolm Lee, who becomes business development director.

Also joining the board is Maurice McBride as non-executive chairman. McBride has worked with several private equity-backed businesses including Barclays-backed facilities manager Integral.

Four Seasons’ existing clients include WH Smith, Waterstones, and William Hill. AAS, which primarily operates in the southeast, services clients such as Nationwide Building Society, Costa Coffee and Carphone Warehouse.

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