Wolseley is set to complete its acquisition of Kooltech after receiving a green light from the Competition and Markets Authority (CMA).
Announced in January, the merger has now received an agreement in principle from the CMA, on condition that the business divests itself from its Aberdeen branch.
Established in 1979, Kooltech operates across the UK from seven branches, has a head office at its Glasgow manufacturing site, and a new branch is set to open in Cambridge.
Over 40 years, Kooltech has built a diverse 1,200-strong active customer base, which continues to grow, covering commercial, residential, public non-residential and industrial.
The family-owned business employs more than 100 people, servicing trade professionals across the climate/cooling/air conditioning sector. Following completion, Kooltech will operate as a standalone business within the Wolseley Group.
Commenting on the news, Jonathan Brown, Commercial Director from Kooltech, said: “Following our announcement last week, and subsequent positive engagement with the CMA, we are pleased to share that the CMA has agreed in principle that the disposal of Kooltech’s Aberdeen branch will allay its antitrust concerns and allow Wolseley to complete the acquisition of Kooltech.
“We hoped not to lose anyone from the Kooltech family because of the sale process and we will be supporting the Aberdeen staff throughout as a priority.
“We will continue to work with the CMA, Wolseley and our advisors, to agree the detail to enable us to effect the Aberdeen disposal as soon as possible.”
