Founded in 1924 in Japan, Daikin is the largest HVAC manufacturer in the world, and a market leader for both commercial and domestic air conditioning systems, heat pumps and ventilation systems. The group operates across 170 countries and had a turnover of €28.2 billion in FY23.
Its industrial division, Daikin Applied Europe (DAE), is headquartered in Rome, Italy, and DAE supported and facilitated Daikin Applied (UK) in its quest to accelerate growth via strategic acquisitions, as part of its Fusion 2025 growth plan. The focus was on acquiring a business in the Midlands and/or Northwest of the UK, in order to add scale, increase its customer base and have greater control over the lifecycle of products.
We provided an integrated approach to achieve the best result for Daikin. We conducted an acquisition search which identified several potential businesses, and then supported Daikin through initial offers to successful negotiation of a final deal with their preferred target, Brooktherm Refrigeration. Our sector expertise and tenacity ensured a successful outcome for all parties involved.
Jim Whittaker, who led the transaction for Grant Thornton commented: “It was a genuine pleasure to work with the team at Daikin Applied with respect to this important strategic acquisition, which forms an important step in Daikin’s UK expansion in HVAC services and capabilities.”
The Grant Thornton team were great to work with – they supported us at every stage of the acquisition process and provided professional advice throughout. They went above and beyond during deal negotiations, and their actions ensured Daikin achieved a strong outcome from the process. I would not hesitate to recommend them to any business looking to expand through M&A.
Clive Parkman Managing Director, Daikin Applied UK
