Leading UK law firm Shoosmiths has advised the shareholders of Go Geothermal Ltd (Go Geothermal) on their sale to the Stockholm exchange listed group, NIBE Industrier AB (publ.). The agreement will see NIBE Industria AB acquire 50% of the shares in Go Geothermal and the remaining shares within a five-year period.
Established in 2006, Go Geothermal is a significant distributor of heat pumps and installation equipment and is a key player within the UK’s manufacturing industry. With a large increase in demand for heat pumps expected in the coming years, the acquisition is set to strengthen Go Geothermal’s position in leading product production.
Swedish based NIBE Group is a global organisation that develops, manufactures and markets a wide range of environmentally-friendly, energy-efficient solutions for indoor climate comfort in all types of properties, including components and solutions for intelligent heating and control in industry and infrastructure.
The Leeds Corporate team advising on the transaction at law firm Shoosmiths was led by partner James Foster with support from Corporate Principal Associate Natalie Hager, Corporate Associate Anna Jackson-Smith and the wider Shoosmiths deal team.
James said: “We are delighted to have advised the shareholders of Go Geothermal on their successful sale to the Stockholm exchange listed group, NIBE Industrier AB (publ.). NIBE’s deep sector knowledge, operational expertise and strong track record of partnering with management teams to accelerate growth gives us confidence that Go Geothermal can further strengthen its position in the rapidly growing British market for heat pumps.
“This transaction creates value for Go Geothermal shareholders and further provides the Company with a platform for significant future growth.The Shoosmiths team has worked incredibly hard together with the wider advisory teams to deliver this multifaceted transaction – it has been a fantastic team effort.”
Go Geothermal Ltd will work with CTC brand products in the Swedish Enertech Grouphele and will be part of the NIBE Climate Solutions business area. Consolidation with NIBE will be from 1 September 2021.