Ilminster company sold
Powrmatic, the Ilminster based HVAC (Heating, Ventilation, and Air Conditioning) company has been sold to Carver Group. Powrmatic made £2.3m in pre tax profits for the year to 30 June 2022 down from £3.3m the year before. Walsall based Carver Group bought the company which also has operations in Dublin for an undisclosed sum. The Ilminster based directors of Powrnmatic have all resigned concurrently with the takeover.
The company is one of Ilminsters largest employers. Across its two sites it employs a total of 166 people.
The business was previously controlled by Marilyn Skony Stamm. She is also president of President of Stamm International Corporation. Talking about the takeover she explains: “Powrmatic is a strong strategic fit with Carver Group, a bringing together of a talented, experienced, and entrepreneurial group of employees who share similar core values of customer service, teamwork, integrity, and respect. My objective of finding the right acquirer for Powrmatic and all its employees has been met. This is a wonderful opportunity for both Carver and for Powrmatic.”
Aidan Killeen, Carver Group chief executive officer, and new boss at Powrmatic believes the acquisition is a good fit: “There are considerable business synergies in the portfolio of products manufactured by Powrmatic and we believe this acquisition will afford our customers a greater product offer and solution”.
Carver Group has a venerable history of its own. Established in 1776 it is now in the 8th generation of family ownership. As well as having its headquarters in Walsall in the United Kingdom, the group has representation in 50 countries and offices in Germany, France, the Netherlands, and Canada.