The deal includes the takeover of Oakes Energy Services Ltd, which will be integral to the development of the new business.
PHS is based in Durham, UK and is well-known to end-customers within the UK under the brand 0800 Repair. The management team from PHS will stay on board and remain invested in the long term.
The agreement was signed by both Viessmann and the seller, Pacifica Group Ltd, a portfolio company of leading European growth investor, Synova. Both parties have agreed not to disclose the purchase price.
PHS is a specialist in both the installation and maintenance of integrated HVAC solutions with a further specialisation in heat pumps. In total, PHS employs approximately 240 people.
In 2022, the company will generate sales of approximately £45m. The company has a successful business in the decarbonisation of existing domestic buildings and is well-positioned to benefit from the associated strong demand for heat pumps.
Strongly-growing British heat pump market
“With the acquisition of PHS, we are strengthening our services and sales activities within the UK for the long term,” said Timo Tauber, managing director Viessmann Investment GmbH.
“Even more importantly, we are positioning ourselves sustainably in the strongly-growing British heat pump market.”
With the investment in PHS, Viessmann gains a first-class partner that is ideally positioned to sell integrated sustainable climate solutions and their corresponding services.
PHS is highly active in the North of Great Britain and has expanded in recent years to operate nationally across the United Kingdom. The British heating sector is highly regulated by legislation. For many years, heating with gas has only been permitted with condensing technology, whereby approximately 98% of the gaseous energy is converted into heat and hot water. As of 2025, even this technology will not be permitted within new homes.
The family company will introduce their next generation of heat pump, in April, which can be used for the well-insulated new build sector and existing renovated buildings due to their high-flow temperature capability.
“With Viessmann’s high-efficiency heat pumps and integrated technology solutions in our portfolio, we can further accelerate our leading position in the UK market and thus make an even more sustainable contribution to achieving climate targets”, said Phil Pallister, chief executive officer, PHS.