Maven Capital Partners has led a management buyout of leading heating, ventilation, air conditioning and thermal management solutions provider Elite KL and announced its rebranding as Calatherm, along with co-investors Ethos Partners.
The buyout will enable the West Midlands-based firm to accelerate its growth strategy, and since receiving private equity backing, it has made several key appointments.
Originally founded in 1939, the West Midlands business has built a reputation for delivering high performance thermal management solutions to Tier 1 clients in the UK, Ireland, Europe, and Australia, such as JCB, Morgan, Ravo and Northern Rail.
Appointments include David Roberts – former CEO of Nu-Heat – as chair and Frank Duffin – former CFO of John McGavigan – as non-executive director. Additionally, Kim Wigley has also joined as financial controller as well as Daniel Jackson as director of business development.
Newly-rebranded Calatherm operates from its wholly owned 40,000 sq. ft. facility in Tamworth, supporting full-cycle product development from design and validation to supply and aftercare.
With an increasing focus on green energy technology, the company is developing zero-emission vehicle technology and sustainable heating and cooling solutions across industries such as automotive, rail and construction.
The new name reflects the company’s vision, it says: ‘Cala’ is derived from the Greek word for fortress, while ‘Therm’ relates to thermal energy.
“This is more than just a rebrand – it’s a transformation that reflects our new beginnings under private ownership,” said Mark Holmes, CEO of Calatherm.
“We are building on over 80 years of engineering expertise to deliver cutting-edge thermal solutions for electric and hydrogen vehicles, playing a vital role in the global transition to clean energy.
“With strong financial backing, embedded customer relationships and an ambitious leadership team, we are excited to drive the next phase of our journey as Calatherm.”
Andrew Muirhead, senior investment manager at Maven Capital Partners, added: “Calatherm is an established and growing business with a strong heritage in developing thermal management solutions.
“We are confident that, under the guidance of the new leadership team and with increased focus on delivering sustainable technologies across critical industries, Calatherm is well positioned to capitalise on the positive market dynamics driving the green energy transition.”