Crowe advises on sale of heating and air conditioning specialist

Corporate finance experts at Crowe have advised the shareholders of a Droitwich business on its sale to a US-based global company.

Johnson Controls has acquired Password Services (Holdings) Ltd, including Password Services (Air Conditioning) Ltd, a specialist heating, ventilating and air conditioning (HVAC) company based at Ryelands Business Centre, near Droitwich.

Crowe corporate finance partner Andy Kay (pictured) and Jason Daft, associate director, acted for Password Services’ shareholders Richard Schlanker, Alison Adams and Elaine Tovey in the sale. 

They teamed up with Richard Griffiths at lawyers Higgs LLP in Brierley Hill to conclude the sale.

Established over 25 years ago, Password Services specialises in rooftop air conditioning within the hospitality sector and has been a distributor and partner for YORK equipment brand for more than 20 years.

Andy Kay said: “We were very pleased to advise and be able to complete a deal for the shareholders of Password Services working alongside Richard Griffiths and his team at Higgs LLP.

Richard Schlanker, managing director, said: “We are thrilled to be officially joining the Johnson Controls family. This is a great opportunity to build on what we have achieved over the last 25 years”.

Crowe’s role involved identifying and approaching acquirers, then negotiating and executing the deal. Higgs provided full sell side legal support to the shareholders.

Accountants Forvis Mazars and law firm Eversheds acted for Johnson Controls.