Horizon Energy buys heating, ventilation assets for $5.25m
Horizon Energy Distribution, which distributes electricity in the eastern Bay of Plenty, has bought three contract heating, ventilation and air-conditioning businesses for $5.25 million.
BUSINESSDESK: Horizon Energy Distribution, which distributes electricity in the eastern Bay of Plenty, has bought three contract heating, ventilation and air-conditioning businesses for $5.25 million.
Tauranga-based Horizon will take control of Hastie New Zealand, Aquaheat Industries and Professional Building Services on September 1.
They will continue to be operated from their current premises led by Aquaheat chief executive Paul De Bernardo. All of the businesses will be integrated and rebranded as Aquaheat NZ.
"Horizon Energy views this acquisition as an execution of our growth strategies in non-regulated operations that allow us to build a nationwide group of contracting businesses operating out of the major growth centres in New Zealand," Horizon chairman Rob Tait says.
The expanded group, led by Horizon chief executive Ajay Anand, will employ 300 people and have turnover of about $100 million. The purchase will be funded through new bank debt.
Shares in Horizon last traded at $3.40.
Hannah Lynch
Thu, 09 Aug 2012
Thu, 09 Aug 2012
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Horizon Energy buys heating, ventilation assets for $5.25m
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