Lonsdale funds Oteac acquisiton of HVAC&R

The GP provided equity to partly finance the deal. HVAC&R will become a subdivision of Oteac following the deal, and is planning to move into larger premises in Murcar, near its current Aberdeen headquarters.

The acquisition comes almost two years after Lonsdale first acquired Oteac, taking a majority stake in the Aberdeen-based company in October 2013.

Company
HVAC&R is a provider of heating, ventilation, air conditioning and refrigeration engineering and services for the oil and gas industry, as well as the onshore petrochemical and marine sectors.

The company was founded in Aberdeen in 1999 and operates mainly in the North Sea, with customers including Maersk, BP, Shell and Chevron.

People
Lonsdale Partner David Gasparro overseas the GP's Oteac investment. Bill Hogarty is the CEO of Oteac.

Advisors
Company – Royal Bank of Scotland (Debt advisory).

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• Expansion
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