Calor diversifies with 50% stake

Leading gas supplier Calor has diversified its interests into the home appliance distribution market, via investment in North-based company, Hamilton Gas Products.

Calor has agreed to purchase a 50% stake in the Bangor-based Hamilton — which is ranked as a leading supplier of domestic appliances, such as cookers and washing machines — in Ireland and Britain. Although no consideration has been disclosed, it is understood to represent a significant capital investment by the Dublin-headquartered Calor.

According to the Dublin company, which is ultimately part of Dutch multinational gas supplier, SHV Energy, this move is consistent with its overall objective of expanding its offering to both domestic and commercial customers through “the right strategic agreements”.

The transaction will also further bolster Calor’s ranking as Ireland’s leading provider of off-grid energy and heating solutions, the company said.

The company currently employs nearly 260 people across six sites in Ireland, with a further 200 people employed indirectly. It generated revenues of €140m last year.

Both companies will continue to trade as separate entities, with both brands set to promote appliances via the Hamilton website and the Calor dealer network.

“The transition should be smooth, as we have been co-operating with the Hamilton team for nearly four decades,” added Calor’s chief executive, Michael Kossack.

Revenues in the domestic appliance market grew by 2% (nearly €20m) last year, to €766m; with Hamilton seeing turnover grow continuously over the last number of years.