RMB Corvest and Partners active in the HVAC sector

RMB Corvest have partnered with Bay Tree Private Equity, together with Westbrooke Alternative Investment Asset Management UK for a successful management buyout of Hawco Limited, from Diploma plc. Based in the United Kingdom, the business is a specialist supplier of components for commercial refrigeration, air-conditioning, vending and industrial markets.

For RMB Corvest, partnering with Bay Tree Private Equity provides them with a partner that has on-the-ground operations in the UK, allowing the team to be closer to the underlying investment. Westbrooke also provided an equity co-investment into the transaction in support of Bay Tree Private Equity as the lead partner.

RMB Corvest’s investment thesis for Hawco Limited is underpinned by previous experience in the industrial supply and distribution sector, given the critical value chain position it occupies.  This, together with similar Westbrooke experience, allows for a mutually beneficial partnership with Bay Tree Private Equity in respect of multi-faceted investment management process. RMB Corvest intends to be actively involved in supporting Bay Tree with strategy, capital allocation and M&A.

Martin Butler, Managing Director of Hawco Limited, said: “This is an incredibly exciting time and a huge opportunity for the business. The combination of Bay Tree Private Equity, RMB Corvest and Westbrooke’s capital and expertise will bring the tools needed to build further on the value-add services we offer and expand on the success of our international sales.”

Geoff Wilmot, executive: RMB Corvest said: “RMB Corvest has demonstrated its skill and expertise, both locally and offshore, in strategically growing companies.  Our previous experience in the UK market means we are well positioned to support their aspirations in local and continental footprints in the sector, whilst realising significant return for RMB Corvest.”

ENDS 

About RMB Corvest

RMB Corvest is a South African headquartered private equity firm.  As a subsidiary of Firstrand Limited, the largest financial institution in Africa by market capitalisation, RMB Corvest has completed over 200 investments that have resulted in 140 exits since inception in 1989. RMB Corvest has successfully invested in the UK through its investments in Servest, Excellerate and previously co-investing with Bay Tree in Prime Light.

About Bay Tree Private Equity

Bay Tree is an independent sponsor, investing in UK lower mid-market private companies. The individuals of the Bay Tree team have a wealth of experience, having completed over 30 transactions from a combination of operating, investing and financing roles.

About Westbrooke

Established in 2004, Westbrooke is a multi-asset, multi-strategy manager and advisor of alternative investment funds and co-investment platforms. We have a heritage as a shareholder and operator of assets and invest our own capital alongside our investors in Private Debt, Hybrid Capital, Real Estate and Private Equity in South Africa, the UK and the USA. With an overriding focus on protecting downside, we seek to generate predictable, risk-managed, compounding returns for our clients, shareholders and management to cement their future prosperity.