Heated deal struck by Sterling Thermal Technologies
Sterling Thermal Technologies (STT), based in Castle Donington, has bought out Birmingham-headquartered rival Applied Cooling Technology (ACT).
ACT designs and makes heat exchange equipment for companies in sectors including the rail, marine, power and offshore industries. Its main subsidiary, Britannia Heatex, has also been bought in the deal.
Sterling Thermal Technologies has more than 100 years of experience designing and making heat exchange equipment.
The purchase price was not disclosed.
David Pierce of ACT said: "Britannia Heatex is in good hands - and has a great future as part of STT. I know they will now reach their potential."
Peter Michaluk, managing director of STT, said: "David Pierce has established a very well respected company with a strong reputation of delivering heat transfer solutions to a broad market.
"He, and his team, has developed new technologies and manufacturing techniques including the Elfin technology. Britannia Heatex will broaden and expand STT's product offering and manufacturing capacity allowing us to access to new markets and to achieve ambitious growth targets."
The Leicester office of RSM Tenon and Nottingham law firm Berryman advised on the deal.
