Price has acquired an interest in Holyoake to create Holyoake by Price, effective 1 March, 2021.

Over 65 years ago and 13,000 km apart both Noel Holyoake and Ernest H. Price laid the foundations for what would become two powerhouses in the HVAC industry, Holyoake Air Management Solutions and Price Industries.

Today the new business will be known as Holyoake by Price and it will continue to operate as an independent business.

The Price philosophy is sharing over mandating, and providing full access to leverage knowledge, products, and best practices.

“What makes this partnership so exciting is the opportunity to work alongside a team that shares a strong focus on taking care of our customers and our people,” the newly formed company said in a statement. Details of the transaction were not disclosed.

Founded in 1953 by Noel Holyoake, Holyoake Air Management Solutions has grown to become a leading manufacturer of commercial HVAC products for the Australasian market.

Just like Price, Holyoake held a manufacturing and sales license for another manufacturer’s product line. When that relationship ended, the company focused their engineering and innovation capabilities to develop their own line of products.

Holyoake Air Management Solutions founder, Noel Holyoake, said the company has built a strong reputation for delivering high quality products backed by first class customer service.

“I have always promoted the idea in our business that whatever we are doing today, we have to do better tomorrow,” he said.

“I see the partnership with Price as being a giant leap for tomorrow and many tomorrows to follow.”

For more than 70 years, Price has remained a privately held business with corporate headquarters in Winnipeg, Canada and US operations headquartered in Atlanta, Georgia.

Price Industries chair and CEO, Gerry Price, said the founding principles of Price have never changed – business integrity, first class service, innovation and a commitment to people.

“It is these principles which have allowed Price to become the commercial HVAC leader in North America,” he said.

“Our job, as partners with Holyoake, is to enable Holyoake’s success. We trust the leaders there like we trust our own leaders. Our goal is to be a forever company and the only way to be a forever company, is to grow.

“To our customers we are extremely excited for the opportunities this partnership will bring you, in the coming months, expect to hear more details around new products becoming available. We know that by working together as one, we will become the global leader of commercial HVAC products.”

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Worldwide M&A activity in the first three quarters of 2020 dropped significantly as a result of the global pandemic.

Worldwide M&A activity totalled $2.342 trillion during year-to-date 2020, down 18 per cent compared with the same period in 2019, according to Refinitiv. 

There is one area of the market that is still holding strong and that is the lower middle market which will remain positive in 2021. Align Business Advisory Services CEO, Dena Jalbert, told Mergers & Acquisitions that financial investors, are sitting on record amounts of capital.

Jalbert said the lower middle market is attractive because it is fragmented, making it a prime candidate for consolidation in a buy-and-build strategy. She said attractive targets in this segment of the market include heating, ventilation and air conditioning, waste management and healthcare services.

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