30th January 2025 – Shareholders of Climatech Group have entered into a binding share sale agreement for the sale of a majority stake (70%) to Japanese listed multinational, Sojitz Corporation.
The investment from Sojitz, through its Australian operating subsidiary, Ellis Air Group (EAG) will see Climatech join forces with Ellis Air to become a leading HVAC and Refrigeration provider.
The existing management team will continue to run the business and there will be no change to day-to-day operations. Climatech, Sedatech, Seda Services and Tritech Refrigeration will continue to operate as standalone brands. All team members retain their positions and with the support of Sojitz and combined strength with Ellis Air, Climatech will continue to achieve growth in an expanding sector.
Climatech Group was founded in 1989 and is a leading mechanical services (HVAC1) company, operating in NSW, ACT, QLD and New Zealand. Climatech Group works across a wide variety of sectors including commercial towers, infrastructure, large scale retail, health, data centres, Defence and education.
Climatech Group has proudly air-conditioned some of Sydney’s most iconic buildings, including Quay Quarter Tower, The New Sydney Fishmarket’s, Center Point Tower, Wynyard Place and Walker Corporations 6 & 8 Parramatta Square. The Group is also a leading operator in one of the fastest growing parts of the market – data centre cooling – and has delivered 21 hyperscale and colocation data centre projects over the past 15 years.
On behalf of the board and Climatech Group’s shareholders, Joel De Stoop (CEO) said:
“This has been a transaction in the making for some time and we have spent a lot of time with the Sojitz team and believe in the cultural alignment between our organisations. We’re excited by this new chapter in our journey and are committed to this next phase of growth. We came from humble beginnings and are very proud of having built a leading business that has attracted investment from a large, listed multi-national.”
Joel continued: “We’d like to thank our brilliant team and fantastic clients. We wouldn’t be here without their support. This transaction will give our business access to more resources, skills and expertise across the Australian market, and we expect to be delivering on more projects in the years ahead. ”
Boutique corporate advisory firm, Tiger & Bear Partners, and Minter Ellison advised the Climatech Group and its shareholders on the transaction.
About Sojitz
Sojitz Corporation was formed out the union of Nichimen Corporation and Nissho Iwai Corporation, both companies that boast incredibly long histories. For more than 160 years, our business has helped support the development of countless countries and regions. Today, the Sojitz Group consists of approximately 400 subsidiaries and affiliates located in Japan and throughout the world, developing wide-ranging general trading company operations in a multitude of countries and regions.
Sojitz Group is engaged in a wide range of businesses globally, including manufacturing, selling, importing, and exporting a variety of products, in addition to providing services and investing in diversified businesses, both in Japan and overseas. Sojitz operates with a 7-division structure comprising the Automotive Division; the Aerospace, Transportation & Infrastructure Division; the Energy Solutions & Healthcare Division; the Metals, Mineral Resources & Recycling Division; the Chemicals Division; the Consumer Industry & Agriculture Business Division; and the Retail & Consumer Service Division.
About Ellis Air Group
Ellis Air was founded in 1964 in Melbourne and joined Sojitz Group in 2023. The company is a leading mechanical services provider in the Victorian, Queensland and New Zealand market. The company has a well established customer base across the Tier 1 construction sector and has approximately 450 employees across its branches.
Ellis has delivered some of the largest projects across healthcare, commercial and residential in the Melbourne and Brisbane markets in recent years.
References & Further Reading
CBRE 2024 Data Centre Report – Graphics and Figures for the APAC data centre market.