ILMINSTER-based Powrmatic Limited has been bought by the Carver Group for an undisclosed sum.

Powrmatic, which was established with manufacturing and distribution facilities in Ilminster over 74 years ago, is a leading manufacturer and distributor of industrial and commercial heating, ventilating and air conditioning (HVAC) equipment with well-established representation throughout the United Kingdom, Europe and beyond.

Carver Group chief executive Aidan Killeen said: "The acquisition of Powrmatic complements and further strengthens Carver's presence within the HVAC sector with the group well positioned to take advantage of future growth opportunities in both home and wider export markets.”

He added: "There are considerable business synergies in the portfolio of products manufactured by Powrmatic and we believe this acquisition will afford our customers a greater product offer and solution.

“The Powrmatic ethos and values are an excellent fit for the Carver Group, being privately owned with a long legacy of success and dedication to customer satisfaction and quality.”

The acquisition adds a fourth production plant to Carver’s manufacturing capacity and with the integration of Powrmatic the group will employ more than 400 people across Europe and Canada.

Marilyn Skony Stamm, president of Stamm International Corporation, parent company of Powrmatic, said: "Powrmatic is a strong strategic fit with Carver Group, a bringing together of a talented, experienced, and entrepreneurial group of employees who share similar core values of customer service, teamwork, integrity, and respect.

"My objective of finding the right acquirer for Powrmatic and all its employees has been met.

"This is a wonderful opportunity for both Carver and for Powrmatic.”

The deal represents the next step in the Carver Group’s ambitious plans to continue to grow and invest in businesses in the HVAC sector in Europe and North America.

Darren Hodson, partner at PKF provided the corporate finance advice, financial and tax due diligence and the corporate legal team at Penningtons Manches Cooper led by corporate partner Adam McGiveron advised throughout the process.

Established in 1776, the Carver Group is an eighth generation family-owned business based in the West Midlands that owns and manages a portfolio of brands which design, manufacture and install innovative HVAC solutions for a wide range of market sectors including retail, commercial, industry, and the public sector.

The group also has representation in 50 countries and offices in Germany, France, the Netherlands and Canada.