Rockpool supports Airedale Group with the acquisition of Flowrite Refrigeration Holdings
11 months ago
Rockpool Investments’ portfolio company, Airedale Group (“Airedale”) has acquired Flowrite Refrigeration Holdings Limited (“Flowrite”), a business majority owned by Foresight Group (“Foresight”).
Airedale is the leading UK specialist in the design, installation and servicing of catering equipment in the UK, working across all sectors including retail, hospitality, education and healthcare. Flowrite is the UK’s market leading provider of reactive repair, planned maintenance and installation works for all types of refrigeration and air conditioning systems.
The combination of Flowrite and the existing Airedale service operation creates the largest specialist maintenance platform operating in the UK, with over two hundred service technicians looking after catering equipment. The group is the only provider of a national end-to-end offering for UK commercial kitchens.
Rob Bywell, CEO of Airedale commented:
“This is a significant and exciting investment and one that creates a compelling proposition. We will continue to make long term investments in our current services and operations as well as seek complementary businesses as potential acquisitions.”
Tod Harrison, CEO of Flowrite said:
“We are very proud of what we have achieved as a team over the last three years with the support from our investment partner, Foresight, more than doubling revenues and transitioning from a strong regional to a national player. I don’t think there is any doubt that the team at Airedale is one of the most professional and entrepreneurial operating in the sector today and their track record is second to none.”
Simon Collins of Rockpool commented:
“We are delighted to have been able to support Airedale with the acquisition of Flowrite. This is the third bolt-on acquisition undertaken by the company since Rockpool’s investment. The business prides itself on the high recurring nature of its profits driven by the nature of its service offering and its longstanding client relationships. The acquisition of Flowrite will further enhance this and will provide exciting opportunities for future growth.”