Climate Technologies joins Symphony

Clarendon Lawyers, alongside Miles Advisory, recently acted for the shareholders of Climate Technologies Pty Limited (CT) on the sale of CT to a wholly owned Australian subsidiary of Symphony Limited (BSE: 517385; NSE: SYMPHONY) (Symphony). Symphony will pay up to AUD$44 million for CT, which is one of Australia’s leading manufacturers and suppliers of cooling and heating appliances.

Founded by Achal Bakeri, Symphony is the world’s largest air cooling company, based in Ahmedabad, India, with operations in more than 60 countries and a network of over 30,000 retailers and 1,000 distributors.

Tim O’leary, the CEO of CT, has remained with the company following completion of the transaction to oversee its ongoing growth. Symphony will be well placed to assist CT through its next phase of growth by providing access to its global network of distributors and creating synergies with other companies in the broader Symphony network.

The Clarendons team was led by Managing Director, Tony Symons and Senior Associate, Brendan Sheehan who were assisted by Caroline van Grieken and Ferguson Ryder.

Mr Symons commended the shareholders of CT on the successful completion of this transaction. “We are delighted to have advised the shareholders on the sale of CT via a competitive bid process. The level of interest and competitive tension maintained through the sale process is testament to the process conducted by Miles Advisory and CT’s enviable reputation in Australia and the US for its market-leading products.”

“It is always especially rewarding to draw on our extensive experience in mid-market M&A, including our cross-border expertise, to help guide and advise founders through a sale of their business to a global market-leading business like Symphony.”

“The transaction is further evidence of the strong cross-border M&A activity this year.”

The transaction capped off a very busy period of transactions for the firm and an exceptional FY18, having advised on 17 deals in the last three months of the financial year.

Symphony was advised by Lazard and MinterEllison.