Space Engineering on launch pad for further growth after US giant buys minority stake

May 9, 2014

US specialist manufacturer Hill Phoenix has acquired a minority stake in Space Engineering Services, the Bristol specialist refrigeration and ventilation firm.

Under the deal, financial details of which remain confidential, Space Engineering will work closely with new sister companies Danish CO2 specialist Advansor and glass door manufacturer Anthony International.

Space Engineering employs around 580 people across the UK, and has more than 25 years’ experience in refrigeration, mechanical & electrical and heating, ventilation and air conditioning services (HVAC) for the food retail sector.

Space Engineering chairman Rick Taylor said: “This is an exciting time to be part of the Space Engineering success story. The minority investment made by Hill Phoenix will bring great benefit to both companies and we look forward to working even more closely with the Hill Phoenix group.  

“Our customers will benefit from the innovative engineering and continuous investment in research and development in refrigeration technology that Hill Phoenix brings to the market. We believe that this collaboration will be great news for our customers and for our company.”

Hill Phoenix president and CEO Paul Sindoni added: “The depth, skills, and desire of the Space Engineering Services management team to lead the company to new levels of excellence as a result of our investment were a critical part of our assessment of this opportunity.

“This investment agreement will provide our European customers with even more options for reducing their carbon footprint and operational costs. Hill Phoenix’s continued focus on product innovation is a key differentiator in our markets, and this collaboration with Space Engineering Services will build on our technology-leading portfolio.”

The regional corporate finance team at accountants EY, led by Richard Jones and Duncan Wade, advised Space Engineering’s shareholders on the sale.

Richard Jones said: “We’ve enjoyed a close working relationship with Space Engineering since 2005 when advising on the original MBO and are now delighted to be helping the shareholders with its sale of a minority investment.”

Space Engineering’s management team was advised by Clodagh Muggeridge of accountants Baker Tilly and Matthew Stoate and Henry Humphreys of law firm Foot Anstey. Legal advice on the transaction was provided by Paul Cooper of Osborne Clark with the provision of external debt facilities led by Stuart Allison of RBS.

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