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Canadian firm in £4 million GEM swoop

Bristol based steam trap specialist Gardner Energy Management (GEM) is set to be bought by Canadian company Thermal Energy International in a £4 million deal.

Tim Gardner, founder and GEM managing director, will stay with the company for at least one year to oversee its integration with Thermal Energy - which also hopes to use GEM to expand its sales in Europe.

Mr Gardner said:  “From Day One, Thermal Energy has demonstrated its commitment to the success and growth of GEM.

“We are confident that Thermal Energy is the company that will take the GEM business line to the next level on a global basis and look forward to completing this transaction and achieving the synergies we both know exist.”

The deal is set to be completed by July this year with Thermal Energy buying all shares in the company for £2.7 million and an additional sum of up to £1.3 million in cash and shares over a three-year period depending on the future performance of  GEM.

Tim Angus, Thermal Energy president and chief executive, said: “Since integrating the GEM product line into our offerings in North America and China starting in 2006, Thermal Energy has been very impressed with the product performance and our customers’ strong positive response,

“Our familiarity with GEM products and business and the strong synergies between GEM and Thermal Energy made this acquisition a natural progression.

“The GEM technology has opened doors for us in North America and China, and been a tremendous value-add to projects involving our other technologies.

“In addition to seeing tremendous global growth for the GEM core business going forward, with over 50,000 GEM traps installed throughout Europe there is an extensive multinational customer base that represents significant cross selling opportunities for Thermal Energy’s other technologies and solutions.”

GEM was established in 1995 to manufacture and market the GEM Venturi Orifice Steam Trap.

The company won the UK Engineering Council’s Environmental Award for Engineers in 1998 and the Institution of Chemical Engineers’ Best New Product in 1999.

To date, more than 50,000 GEM Steam Traps have been installed across Europe as a “no-fail” permanent replacement for traditional steam traps.