Four Seasons Group, an air conditioning building services group, has acquired JCW for an undisclosed sum.
JCW is a heating, ventilation and air conditioning business operating in the UK from the South West across to Cambridgeshire.
Barclays Ventures made an initial investment in Four Seasons Group in May 2007 and has supported it with a further equity injection to fund the acquisition.
The acquisition of JCW adds a further GBP12m of revenue resulting in combined proforma revenue for the group in excess of GBP25m. This places Four Seasons Group as one of the largest air conditioning led building services groups in the UK.
The combined business’ client list includes H&M, William Hill, WH Smith, Ladbrokes, Nationwide Building Society, Waterstones, Costa Coffee, University of Bristol, BBC Wales, HMCS, Admiral Insurance, Virgin mobile, MOD, Boots, La Senza, and Carphone Warehouse.
The enlarged group, which employs 200 staff and has its headquarters in High Wycombe, has made the acquisition as the latest step in a buy and build strategy with a view to becoming the leading UK specialist in its field.
Stuart Lawrie, chief executive officer, says: “I am delighted to welcome JCW Air-conditioning Ltd to the Four Seasons Group. The acquisition represents a significant step towards Four Seasons Group becoming the UK’s leading air conditioning led building services group. The acquisition increases our scope of service, geographical coverage and ability to serve clients on both the high street and in the broader commercial sector.”
Dion Hirst, investment director at Barclays Ventures, says: “JCW is a great acquisition for the Group and brings with it broader management capability and depth. JCW is the third acquisition in less than three years and demonstrates the buy and build strategy and ambition of management and the commitment from Barclays Ventures from a funding point of view.”
