Tauranga based Horizon Energy Distribution Limited is buying three contract heating, ventilation and air-conditioning businesses worth a total of $5.25million.

Horizon, which distributes electricity to the Eastern Bay of Plenty, will take control of Hastie New Zealand, Aquaheat Industries Limited and Christchurch based Professional Building Services from September 1 with the purchase price funded through new bank debt.

'Horizon Energy views this acquisition as an execution of our growth strategies in non-regulated operations that allow us to build a nationwide group of contracting businesses operating out of the major growth centres in New Zealand,” says Horizon Energy Chairman, Rob Tait.

Horizon's Chief Executive Ajay Anand says the opportunity provides the requisite scale and diversity in markets and products that will complement Horizon's existing contracting businesses in the Bay of Plenty.

'The expanded group will turnover around $100million and employ more than 300 people.

The newly acquired Auckland, Wellington and Christchurch businesses will continue to operate from their current premises and be led by the current General Manager Paul De Bernardo.

They will be integrated and rebranded to Aquaheat New Zealand Limited over the coming months, reflecting the national footprint and the proud history of business that spans 60 years.

Horizon Energy Distribution Limited is the Eastern Bay of Plenty's electricity distribution company, conveying electricity from generating stations and the national grid to the homes and businesses of more than 23,000 consumers in the Eastern Bay of Plenty.