Grant Thornton advises Daikin UK on heating service company acquisition
The latest deal is for London-based heating service company Robert Heath Heating Ltd, which has a workforce of more than 450 people and posted revenues of £43.4m in the year to June 2023
A corporate finance team from Grant Thornton UK LLP has advised on a second key acquisition for global heating, cooling and ventilation group Daikin UK.
The latest deal is for London-based heating service company Robert Heath Heating Ltd, which has a workforce of more than 450 people and posted revenues of £43.4m in the year to June 2023. The acquisition significantly strengthens Daikin’s residential heating service network in the UK.
It follows Daikin UK’s acquisition of Wirral-based industrial refrigeration company Brooktherm Refrigeration Ltd in December 2023.
The latest move aligns with Daikin’s strategy to play a leading role in the UK’s transition towards low-carbon heating and consolidates its position in the renewable heating market.
Air source heat pumps are expected to play a crucial role in helping the Government reach its decarbonisation goals. As the installation of heat pumps increases, Daikin has plans to expand its service and maintenance capabilities accordingly.
The acquisition will also increase Daikin’s ability to service and maintain its range of heat pumps, providing an additional resource of qualified heating service engineers.
Commenting on the acquisition, Daikin UK’s managing director Hiroyasu Ishikawa, said: “Daikin is already the UK’s leading provider of heating and cooling in the residential and commercial markets. Daikin UK’s acquisition of Robert Heath Heating strengthens our organisation and is intended to assure after sales support capacity in view of the increasing number of customers who install our residential heat pumps.
“The acquisition will fuel growth and opportunities for both organisations and ensure excellent levels of customer service and satisfaction.”
Jim Whittaker, corporate finance director at Grant Thornton UK LLP, who led both this deal and the Brooktherm acquisition, said: “We are pleased to support our client on another important strategic acquisition. Robert Heath Heating will enable Daikin to build on its strong position in the UK market by enhancing its maintenance services for residential customers as more consumers switch away from fossil fuel-based heating solutions.
“This deal proves there is a very strong appetite from international corporate acquirers for best-in-class UK companies able to play a part in the transition to net zero.”
