Precision acquires 50% stake in Australian firm

Norfolk-based refrigeration maker Precision has bought a 50% stake in the company that distributes its products in Australia.

The company confirmed it now owns half of CyberChill Refrigeration after inking an agreement with the New South Wales outfit’s management.

Cyberchill is a fourth-generation commercial refrigeration provider specialising in the food and beverage industry.

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Precision did not disclose the value of its investment, but believes it will lead to greater future growth given that CyberChill buys more refrigeration equipment from it outside of the UK than anybody else.

“Australia is our second biggest market outside the UK and CyberChill is our biggest export customer,” said managing director Nick Williams. “This deal cements our relationship and will make it easier for us to grow the business in the future.”

Meanwhile, Williams said the company was enjoying a strong run of form after sales in July grew 72% versus the same period a year ago. “Year-on-year sales are growing significantly, too, by well over 40%,” he added.

Precision has had to employ more staff to cope with the demand and has even begun running a night shift to ensure it meets delivery dates.

Unlike many catering equipment manufacturers that have reported a sales boost this summer, Precision has not been affected by the UIFSM scheme as it does not target the primary education sector.

The firm puts its growth down to the launch of new products, competitive prices and improved positioning with distributors and customers.

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