11 January 2023
Wolseley Group has signed an agreement to buy Glasgow-based air conditioning and ventilation distributor Kooltech.
A statement from Kooltech said the decision follows a detailed search since the end of 2021 for a business partner that can help the company fuel further growth and reach even more customers.
Kooltech will remain a standalone business and brand. There will be no change to its operation and the company will remain headquartered in Glasgow. In agreement with Wolseley Group, a 10-year lease extension on the Kooltech premises in the city has been signed.
Kooltech’s senior management team will continue to lead the business and the company has confirmed the opening of a branch in Cambridge in the coming months, as well as continuing to recruit an additional 20 new roles.
Jonathan Brown, commercial director of Kooltech, said: “We’re really excited about the opportunity and the benefits that this deal will bring. Kooltech is a business that is performing well and experiencing exceptional growth. Wolseley is a great business that aligns with our culture and ambitions. Wolseley and Kooltech are complementary businesses that will be stronger together.”
Simon Oakland, chief executive of the Wolseley Group, said: “Wolseley is continuing to bring together the UK’s best in our aim to be the most complete specialist provider of plumbing, heating, cooling and infrastructure products. Kooltech joining our group will enable us to extend our offer to customers further across the sector and create new opportunities for Kooltech as part of a broader business.”
The deal is expected to complete in mid-2023.