Macdonald Henderson has advised CSD Air Conditioning (CSD) on its disposal to Nordic Climate Group (NCG), the acquisitive Swedish cooling and heating contractor group.

NCG has moved into the UK and Ireland markets with three acquisitions totalling over £50m.

CSD was founded in 2017 and is based in Clydebank. It offers installation and servicing of HVAC systems to customers in the hotel, retail, and commercial sectors. CSD also partners with facilities management and building companies to deliver services through the whole life of a project.

Founders Carlo and Danielle Scaramuzza will remain in the business.

NCG was formed in 2021 and is owned by a broad group of entrepreneurs and employees together with Altor Fund V.

By establishing operations in the UK and Ireland, NCG will build on its proven model and strengthening its presence among key customers in the food retail, logistics, industrial, and commercial property sectors.

“What makes Nordic Climate Group unique is that every company continues to be what made them successful – locally anchored, customer-focused and entrepreneur-driven – while we become stronger together,” commented Nordic Climate Group president and group CEO Fredrik Gren.

“With our entry into the United Kingdom and Ireland, we are reinforcing this model further and gaining greater momentum in our shared ambition to drive the transition to energy-efficient cooling and heating solutions.”

About Macdonald Henderson, Mr Carlo Scaramuzza (TMInstR), Managing Director and co-founder of CSD commented:

“As Managing Director of CSD Air Conditioning Ltd, and formerly its owner, I recently had the privilege of working closely with David Beveridge and the outstanding corporate team at Macdonald Henderson during the acquisition of our business by Nordic Climate Group.

This was a landmark moment for CSD, and the support we received from Macdonald Henderson was exceptional from start to finish. David, Darya and the MH team demonstrated not only deep M&A expertise, but also a practical, commercial mindset that ensured the transaction progressed smoothly and efficiently.

Their communication was clear, timely and always solutions-focused, giving us complete confidence throughout what can often be a complex process.

What stood out most was their commitment to understanding our business, our priorities, and the legacy we wanted to protect. Their guidance was instrumental in achieving a result that was right for our team, our clients, and the long-term future of the company.

I’m grateful for the professionalism, diligence and integrity shown by everyone involved. I would not hesitate to recommend Macdonald Henderson to any business owner seeking first-class legal counsel for an M&A transaction.”

We are pleased to have advised the shareholders of CSD on this milestone transaction, and wish the combined NCG group, management team and all stakeholders every success for the future.

Advisors to the transaction

CSD Air Conditioning – Macdonald Henderson (legal), B-Able (accountancy and tax);

Nordic Climate Group – Stephenson Harwood (legal), Tax Advisory Partnership (tax) Cortus Advisory (corporate finance)