What Aquaheat does

Aquaheat New Zealand Limited is one of New Zealand's most established HVAC/mechanical project installation contractors, providing design, build, and installation of heating, ventilation, air conditioning, and associated mechanical systems for commercial, industrial, and institutional buildings. The company operates through two principal legal entities — Aquaheat New Zealand Limited (ANZL) for contracting and installation and Aquaheat Facility Services Limited (AFSL) for ongoing maintenance and servicing — supplemented by acquired brands including CH Faul (Invercargill, acquired 2022), Emerson Fire Protection (Wellington, acquired 2022), McAra Air Conditioning (Hamilton, acquired 2023), and the A E Smith business (Hawkes Bay, acquired 2023 from Spotless Facility Services). Aquaheat holds 15+ branch offices across New Zealand's North and South Islands plus Fiji, deploys digital construction and BIM (Building Information Modeling) processes with drone and total station integration, and offers specialized capabilities including laboratory gas systems, fume extraction, and building management system (BMS) integration.

The business generates revenue through a mix of one-time HVAC/mechanical project installation contracts (larger ticket items such as the Massey University Albany Innovation Complex and the Ministry for the Environment Wellington CBD fitout) and recurring facility services and maintenance contracts for installed systems. A third stream, fire protection installation and servicing under the AquaFire brand in the Wellington region, was added via the 2022 Emerson acquisition. Customer segments span commercial and industrial buildings (primary), laboratory and research facilities, educational institutions, healthcare facilities, and aquatic and recreation centers. Aquaheat pursues enterprise customers through direct field sales and regional branch offices rather than resellers or partners, with the company being 100% locally owned and operating as a subsidiary of Horizon Energy Group, which is itself 100% owned by Trust Horizon.

The company's go-to-market combines direct enterprise field sales at the regional branch level with bid-and-spec project work for large institutional customers, supported by community sponsorships and industry-award positioning (Gold and Silver at the 2024 NZ Commercial Project Awards). Aquaheat recorded a Net Promoter Score of 65.42 against an industry benchmark of 35-40, with 8.1/10 overall customer satisfaction on project closeout surveys, indicating strong service delivery. The company is privately held, not listed on any stock exchange, and reports no public revenue figure.

Name

Aquaheat

Legal name

Aquaheat New Zealand Limited

Website

https://aquaheat.co.nz

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

251–500 employees

Short description

Aquaheat is a New Zealand-based HVAC/mechanical contractor providing design, installation, and facility maintenance services for commercial, industrial, and institutional buildings across 15+ branches in New Zealand and Fiji. It operates under Horizon Energy Group.

Ownership category

akta.pro rank

Product category

HVAC Mechanical Services

NAICS

Plumbing, Heating, and Air-Conditioning Contractors (238220)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures (3430), Auto Controls For Regulating Residential & Comml Environments (3822)

akta.pro primary industry

Refrigeration Systems Maintenance (Commercial/Industrial) (BPABACAI)

akta.pro secondary industries

Hydronic/Baseboard Radiant Heating Service (HSAOACAE), System Cleaning, Flushing & Commissioning (Pre-commission/Refurb) (BPABAJAG)

Keywords

• HVAC contracting services
• Mechanical installation services
• Facility maintenance services
• Fire protection services
• Building management systems

Headquarters

HQ city

Avondale

HQ country

New Zealand

HQ region

Oceania

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. HVAC Project Installation: Large-scale HVAC/mechanical installation projects for commercial, industrial, and institutional buildings including design, build, and installation services
2. Facility Services and Maintenance: Ongoing facility services including maintenance, servicing, and support contracts for installed HVAC, refrigeration, and fire protection systems
3. Fire Protection Services: Fire protection installation and servicing, including the acquisition of Emerson Fire Protection Limited

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Aquaheat designs, builds, installs, and maintains HVAC, mechanical, refrigeration, and fire protection systems for commercial, industrial, and institutional buildings across New Zealand and Fiji. Through its two operating entities — Aquaheat New Zealand Limited (ANZL) for project installation contracting and Aquaheat Facility Services Limited (AFSL) for ongoing maintenance — the company delivers end-to-end mechanical services from initial design through installation to long-term servicing.

Product overview

Aquaheat operates as a multi-subsidiary portfolio providing HVAC/mechanical contracting and facility services across New Zealand. The core offerings consist of Aquaheat New Zealand Limited (ANZL) for project installation contracting and Aquaheat Facility Services Limited (AFSL) for ongoing maintenance and servicing. AquaFire handles fire protection in the Wellington region. The portfolio includes several acquired brands (CH Faul, McAara Air Conditioning, Emerson Fire Protection) that extend geographic coverage and service capabilities. Services span HVAC installation, fire protection, building management systems, laboratory gas systems, chiller replacement, and waste audits. The company is 100% owned by Horizon Energy Group and operates nationally with locations throughout New Zealand and Fiji.

Differentiator

Problem solved

Functional benefit

Products and services

• Aquaheat New Zealand Limited (ANZL) - HVAC Project Installation Contracting Design, build, and installation of HVAC and mechanical systems for commercial, industrial, and institutional buildings across New Zealand. Services include heating, ventilation, air conditioning, building management system integration, laboratory gas systems, and specialist fume extraction.
• Aquaheat Facility Services Limited (AFSL) - Facility Maintenance Services Ongoing facility maintenance, servicing, and support contracts for HVAC, mechanical, refrigeration, and fire protection systems across commercial and residential properties in New Zealand.
• AquaFire - Fire Protection Services Installation and maintenance of fire protection systems for buildings, with operations focused in the Wellington region through over 40 specialist staff.
• Chiller Replacement Services Chiller replacement program services for commercial and industrial facilities.
• Waste Audits Waste minimization audits and sustainability assessment services for businesses to identify recyclable materials and reduce landfill waste.
• Building Management System (BMS) Services Supply and installation of building management systems for mechanical services monitoring and control.
• Laboratory Gas Systems Installation of laboratory gas systems including compressed air plant, central vacuum plant, and distribution systems for research facilities.
• CH Faul - HVAC Solutions Heating, ventilation, and air conditioning solutions for homes, offices, multi-story buildings, schools, and swimming pools; based in Invercargill with 60+ years of operational history.
• McAra Air Conditioning Air conditioning installation, service, and maintenance for commercial customers in the Hamilton/Waikato region; 40 years of community service history.
• Emerson Fire Protection Services Fire protection installation and servicing in the Wellington region, integrating with Aquaheat's national service operations.

Quantifiable outcome

• Net Promoter Score of 65.42 (vs industry benchmarks of 35-40)
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• A E SmithcoreStrategic or Co-development Partner · 4 December 2023Acquired by Horizon Energy Group in December 2023 from Spotless Facility Services (NZ) Limited. Business integrated into Aquaheat New Zealand Limited and Aquaheat Facility Services Limited. Provides entry into Hawkes Bay region.
• McAra Air ConditioningcoreStrategic or Co-development Partner · 6 March 2023Acquired by Aquaheat Facility Services in March 2023. Well-established air conditioning company with 40 years of service in Hamilton/Waikato region, catering primarily to commercial customers. Specializes in installation, service, and maintenance.
• Emerson Fire Protection LimitedcoreStrategic or Co-development Partner · 1 July 2022Acquired by Aquaheat New Zealand Limited on 01 July 2022. The acquisition expanded Wellington Region Fire Protection operations and complemented Aquaheat's national service and installation operations. Steve Larkin and staff transferred to Aquaheat.
• CH FaulcoreStrategic or Co-development Partner · 1 March 2022Acquired by Aquaheat Facility Services in March 2022. Based in Invercargill with 60+ years experience in heating and ventilation. Provides HVAC solutions for homes, offices, multi-story buildings, schools, and swimming pools. Business continues to trade as CH Faul.
• Caldwell LevesqueminorOthersPart of the Horizon Energy Group portfolio of companies, providing electrical services alongside Aquaheat's HVAC/mechanical services.
• CoolLogicminorOthersPart of the Horizon Energy Group portfolio, providing industrial and commercial refrigeration services. Has acquired Midland Industrial Refrigeration (MIR) in November 2023.
• Horizon NetworksminorOthersPart of the Horizon Energy Group portfolio, providing electricity distribution and infrastructure services. Achieved ISO 55001 Asset Management Certification.
• ElectriNETminorOthersPart of the Horizon Energy Group portfolio, providing industrial and commercial electrical solutions.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• EMCOR Group: US-listed mechanical and electrical building services contractor with national coverage and a recurring facility services arm. Directly comparable to Aquaheat's ANZL contracting plus AFSL maintenance model, including fire protection and integrated controls capabilities.
• Comfort Systems USA: US-listed pure-play HVAC/mechanical installation and service contractor serving commercial and industrial customers. Closely comparable to Aquaheat in core service line (HVAC contracting), revenue mix (project + service), and customer profile (commercial/institutional).
• APi Group: Global life safety, HVAC, and specialty services company with both mechanical contracting and recurring service revenue. Comparable to Aquaheat due to its combination of HVAC installation, fire protection (Emerson/AquaFire), and growing recurring inspection/service exposure.
• Spotless Group (Programmed): AU/NZ facility services provider with HVAC, mechanical maintenance, and integrated building services capabilities. Highly comparable to Aquaheat's AFSL facility services offering and provides a regional benchmark for AU/NZ mechanical services consolidation.

Regional players

• Service Stream: ASX-listed Australian infrastructure services provider delivering design, build, and maintenance across utility and building networks. Comparable to Aquaheat's multi-branch operating model and recurring maintenance revenue mix, though primarily AU-focused.
• Hawkins Group: Privately held NZ commercial construction contractor delivering large-scale institutional and commercial projects. Comparable in serving the same NZ commercial/institutional customer set (Massey University, Ministry for the Environment) where Aquaheat performs HVAC installation.

Broad incumbents

• Fulton Hogan: Privately held NZ-headquartered infrastructure contractor with national branch coverage. Comparable in geographic footprint and NZ-anchored multi-region operating model, though diversified across civil infrastructure beyond HVAC/mechanical.
• Cushman & Wakefield: Global real estate services firm with a significant facility management practice (formerly DTZ) including mechanical/HVAC maintenance. Comparable at the customer interface to large enterprise facility services contracts that Aquaheat pursues with AFSL.
• Downer Group: ASX-listed AU/NZ infrastructure group with significant facility services, HVAC, and mechanical capabilities through its Downer New Zealand operations. A broader incumbent operating in overlapping verticals with Aquaheat but across a wider portfolio.
• BGIS: Global facility management services provider with mechanical/HVAC maintenance contracts across commercial portfolios. Comparable to Aquaheat's recurring facility services offering at the multi-site, multi-region operational scale Aquaheat is targeting with AFSL.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubevimeo.com/user61660038
• Facebookfacebook.com/Horizon-Energy-Group-386326161751408
• LinkedInlinkedin.com/company/horizonenergygrouplimited/about

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aquaheat