Reece Australia has signed a binding share sale agreement for the 100 per cent purchase of Actrol Parts Holdings.
It also includes subsidiaries consisting of Actrol Parts and AC Components, trading as Metalflex and Air Plus.
A formal letter signed by Reece CEO Peter Wilson, Actrol Parts CEO David Willett and AC Components CEO Tim O’Leary was sent to customers notifying them of the sale.
"With the Actrol Group identified as having a compelling strategic fit with Reece, the acquisition represents a unique opportunity for Reece to establish a presence in Australia’s refrigeration and air conditioning industries,” the letter said.
“We are excited about the opportunity this presents and look forward to continuing to grow the relationships with our customers.
“Actrol Parts and AC Components will continue to operate under their existing brands. As such, you will not experience any changes to your existing relationships or service.”