Steele Raymond advises on Ability Projects acquisition
by Tim Stone, 27 April 2016
Leading Dorset commercial law firm, Steele Raymond LLP has advised on the acquisition of Ability Projects, a Poole-based manufacturer and supplier of fan coil units (FCU’s) and digital control technology, by The Glen Dimplex Group.
Market–leading Ability Projects is the perfect acquisition for The Glen Dimplex Group which is the world’s leading manufacturer of electrical heating technologies. The Glen Dimplex Group also holds significant global market positions in domestic appliances, cooling, ventilation and renewable energy solutions.
Winner of the ‘Air Movement Product of the Year’ category at the 2015 H&V Awards and recently listed as one of the Top 1000 Companies to Inspire Britain, Ability Projects produces the most energy efficient FCU’s on the market. With a dedicated showroom in London, Ability Projects also exports products to New Zealand, The United Arab Emirates, Australia and Hong Kong.
Peter Lowther, MD of Ability Projects, commented: “We are delighted to be joining the Glen Dimplex Group and further developing the product portfolio of Ability Projects over the coming years. This really is a fantastic opportunity for all of us, including our customers who will not only continue to receive the exceptional products and service but also now have the enhanced support of an international group.”
CEO of Glen Dimplex Heating, Neil Stewart, added: “We are delighted to have acquired Ability Projects which is at the forefront of technological development in its field. Its efficient FCUs benefit everyone - consultants gain flexibility, contractors save on installation time and overall capital expenditure and building occupants save on running costs and maintenance. Innovation is something that Glen Dimplex strongly believes in and we welcome Ability Projects into the Glen Dimplex family.”
Steele Raymond’s Chairman, Partner and company and commercial solicitor Tim Stone led the transaction with input from corporate partners Craig Hardman and Paul Longland with Chris Twaits (partner) leading the commercial property aspects. Tim comments: “We were delighted to support Peter and his team in this deal and to help them achieve his desired outcome with the sale. Ability Projects has carved out a remarkable growth and achievement story over the years and we wish the company and its new owners well and continued success in the future.”
Peter, continues: “I was impressed with the support we received from the Steele Raymond team throughout the sale of our business. They were exceptionally knowledgeable, efficient and dedicated to ensuring this complex deal was completed successfully. Steele Raymond’s service was truly top quality and I would have no hesitation at all in recommending them to any other business owner potentially wishing to realise their assets.”
Steele Raymond’s Company & Commercial team is well versed in acting for business sales and purchases for all kinds of enterprises, large and small, advising at all stages from planning to completion. The team deals extensively with management buy-ins or management buy-outs, venture capital transactions, corporate sales and share issues as well as being experienced in progressing complex deals efficiently and within the often challenging deadlines agreed with clients.