Home solutions company HRV has continued its dynamic growth with the purchase of two leading Auckland businesses — making it four acquisitions in two years.
The company has bought heat pump business Energy Efficient Solutions (EES) and parts manufacturer and distributor HVAC Hero, which complements HRV’s other recent acquisitions, including a windows and retrofit double glazing business.
The past two years has seen rapid growth for HRV, with group wide revenues expected to exceed $85 million this year, courtesy of customer levels hitting 150,000, increased ventilation sales, and high uptake of HRV Water and HRV Windows.
The latest acquisition is part of HRV’s move to a total home solutions company and its focus on diversifying its product range, which also includes ventilation systems, whole home water filtration, and retrofit double glazing.
Chief executive Bruce Gordon says EES is the perfect enhancement to HRV’s existing product range, and complements plans for further diversification in the future.
“HRV may have started out as a ventilation company, but our focus now is on total home solutions which means we’re able to provide a whole range of different products to home owners,” Mr Gordon says.
“EES shares HRV’s values which makes it a great fit, and their success comes down to their committed and talented team.
“As market leaders, EES and HVAC Hero both further enhance HRV’s unique position in the market of offering solutions direct to customers’ homes.”
EES, which started four years ago and employs 65 staff, specialises in fully-ducted heat pump systems, and has grown rapidly, with more than 9000 customers across Auckland.
Mr Gordon says the two new companies will continue to run as stand-alone businesses.
However, under HRV ownership, which employs 550 staff across New Zealand, EES is set for further growth on a national level.
“Kiwis are becoming more and more aware of the importance of living in a warm and dry home, and HRV is constantly growing and refining its product range to help meet this demand,” Mr Gordon says.
“With this increasing diversification, and our plans for growing the company further, HRV is stronger than it’s ever been after 13 years serving New Zealand home owners.”