Bristol-based Space Engineering Services has been acquired by Bluu Unit, the German group of refrigeration, air conditioning and ventilation firms.
The acquisitive group, a portfolio company of investor Triton, enters the UK market for the first time after recent moves into Ireland and Switzerland.
Bluu Unit says that the acquisition of Space, its largest to date, will be the foundation for the company’s future UK platform.
“The British market offers ample opportunities and is growing structurally, which suits Bluu Unit’s buy-and-build approach well,” the company said. “With Space as its anchor, Bluu Unit aims to build a strong and steadily expanding presence in the UK.”
Space was founded in 1988 as Space Cooling Systems. It now employs around 400 people and achieved sales of £74m in its most recent accounts.
The deal also includes Space Engineering Services KFT, a self-contained local service platform in Hungary.
The acquisition also adds Space’s CO2 refrigeration packs and heat pump manufacturing capabilities to the Bluu Unit group.
