The deal is expected to complete in mid-2023.

Headquartered in Glasgow, family-owned Kooltech employs more than 100 people across seven locations, servicing trade professionals across the climate/cooling/air conditioning sector. Following completion, Kooltech will operate as a standalone business within the Wolseley Group.

Wolseley is continuing to increase its capabilities as a leading plumbing, heating, cooling and infrastructure trade merchant, offering specialist expertise to customers. Kooltech’s core values around people, focus and service align closely with those of Wolseley, as do its technical expertise, sustainable business relationships and cost-effective solutions.

Simon Oakland, chief executive of the Wolseley Group, said: “Wolseley is continuing to bring together the UK’s best in our aim to be the most complete specialist provider of plumbing, heating, cooling and infrastructure products. Kooltech joining our group will enable us to extend our offer to customers further across the sector and create new opportunities for Kooltech as part of a broader business.”

Jonathan Brown, commercial director of Kooltech, added: “We’re really excited about the opportunity and the benefits that this deal will bring. Kooltech is a business that is performing well and experiencing exceptional growth. Wolseley is a great business that aligns with our culture and ambitions. Wolseley and Kooltech are complementary businesses that will be stronger together.”