New Company: Four Seasons Group acquires JCW Air Conditioning Ltd

Four Seasons Group Continues Acquisition Strategy

Four Seasons Group (FSG), the specialist air conditioning building services group, has acquired JCW Ltd for an undisclosed sum. JCW is a successful heating, ventilation and air conditioning business operating in the UK, from the South West across to Cambridgeshire. The acquisition of JCW adds a further £12 million of revenue resulting in combined proforma revenue for the Group in excess of £25 million. This places Four Seasons Group as one of the largest air conditioning led building services Groups in the UK.

The combined business boasts an impressive client list including 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 acquisition accelerates the planned strategy of building a broader client profile across a wider range of market sectors.

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 said, “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.”

David Jones of JCW commented that the synergies between the two Companies, geographically, technically and commercially were key factors in the decision to join Four Seasons. “This is a classic case of the whole being greater than the sum of the parts”

Barclays Ventures made an initial investment in May 2007 and have supported FSG with a further equity injection to fund the acquisition.

Dion Hirst, Investment Director at Barclays Ventures said: ”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 3 years and demonstrates the buy and build strategy and ambition of management and the commitment from Barclays Ventures from a funding point of view.”

Other advisors on the deal included Sean Fitzgerald and Nicola Frost of Cobbetts, advising FSG; Matin O’Shea of Addleshaw Goddard, advising Lloyds TSB Corporate Markets; Jonathan Steed of Grant Thornton, who carried out the financial due diligence; and Costi Karayannis of PMSI, who carried out the commercial due diligence.