Pictured above: (l-r) Peter Michaluk, David Pierce, Andy Breeze, Duncan James and Micky Johal

RSM Tenon has helped to secure the sale of West Midlands heat exchange business Applied Cooling Technology (ACT) and its subsidiary Britannia Heatex.

Acting for owner David Pierce, RSM Tenon's corporate finance team undertook a marketing exercise for the Water Orton business. Sterling Thermal Technologies (STT), based in Buckinghamshire, was found to be well suited for the takeover, which went through for an undisclosed sum.

ACT designs and makes heat exchange equipment for companies in sectors including the rail, marine, power and offshore industries. 

Sterling Thermal Technologies has more than 100 years of experience designing and making heat exchange equipment.

"David Pierce is looking to move towards retirement and came to us knowing we had the know-how to track down the best potential buyers. STT's business fits really well with ACT and the two companies had spoken in the past about doing a deal," said associate director Andy Breeze, who worked with Micky Johal as lead advisers for RSM Tenon's Leicester office. 

"Britannia Heatex is the main trading company for ACT and is well respected in the industry. It will play a major role in STT's growth strategy as it will open up new markets and technologies," he said.

David Pierce said: "Britannia Heatex is in good hands - and has a great future as part of STT. I know they will now reach their potential."

Peter Michaluk, STT MD said: "David Pierce has established a very well respected company with a strong reputation of delivering heat transfer solutions to a broad market. He, and his team, has developed new technologies and manufacturing techniques including the Elfin technology. Britannia Heatex will broaden and expand STT's product offering and manufacturing capacity allowing us to access to new markets and to achieve ambitious growth targets."

Andy and Micky worked alongside Berryman lawyers Duncan James and Freya Porteous on the deal.

Duncan James said: "This was a satisfying deal and it was good to work with RSM Tenon on this. I am pleased that David can now concentrate on his other business interests."