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A Droitwich-based heating, ventilating, and air conditioning (HVAC) company, Password Services, has been acquired by global smart buildings specialist Johnson Controls. With a history spanning 140 years, Johnson Controls employs 100,000 people across 150 countries.
Password Services, operating from Ryelands Business Centre near Droitwich, has specialized in rooftop air conditioning within the hospitality sector. For over 20 years, the company has been a distributor and partner for the YORK equipment brand. They manage the service, maintenance, and installation of HVAC systems for McDonald’s Restaurants across the UK, both for franchise and corporate locations. Additionally, they are approved contractors for major chains like J D Wetherspoon and The Restaurant Group.
Richard Schlanker, Managing Director of Password Services, expressed his excitement about the acquisition, stating, “We are thrilled to be officially joining the Johnson Controls family. This is a great opportunity to build on what we have achieved over the last 25 years.”
The acquisition was facilitated by Crowe corporate finance partner Andy Kay and associate director Jason Daft, who represented Password Services’ shareholders—Richard Schlanker, Alison Adams, and Elaine Tovey. Legal support for the sale was provided by Richard Griffiths and his team at Higgs LLP in Brierley Hill.
Andy Kay shared his satisfaction with the successful completion of the deal, noting that Crowe’s role involved identifying and approaching potential acquirers, negotiating, and executing the transaction. Higgs LLP provided comprehensive legal support for the sellers. Accountants Forvis Mazars and law firm Eversheds represented Johnson Controls in the acquisition.
