Airmaster sells to Daikin

By admin - June 30, 2017

Pitcher Partners client, Airmaster Australia, has closed a $100m sale to Japanese air-condition group, Daikin which sees the Japanese giant capitalise on Airmaster’s air-condition and ventilation repairs and maintenance specialisation.

Assisting Airmaster throughout the sale process has been a team of Pitcher Partners’ advisors and experts, including:

  • Corporate Finance partner, Michael Sonego and senior analyst, Michael Hamblin
  • Taxation partner, Stuart Dall and senior manager, Darren Catherall
  • Business Advisory and Assurance partner, Nick Bull and senior manager, Lauren Maguire

In announcing the sale, Airmaster Managing Director, Alistair McDonald said “that the Pitcher Partners’ team were instrumental in achieving an outstanding result for all shareholders. Their professionalism, depth of knowledge and expertise ensured that the information and documentation were clear and relevant, and that responses to queries were answered promptly so that project milestones could be maintained”.

The partnership with Daikin will strengthen our position in the Australian market, and enable our growth and development to continue long past the time where the current shareholders could add value. However the current directors and senior management will be maintained for 5 years, ensuring that the culture and service values that have guided our existence for 30 years are pursued with even more vigour in the years ahead, and passed on when appropriate.

Mr McDonald said that while some may be disappointed to see an Australian business pass into foreign hands, Daikin is using funds generated within Australia to increase their commitment and investment in the Australian market. “This is good for the shareholders, good for Airmaster employees and good for the Australian economy,” Mr McDonald said.

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