Butterfield Bank is providing Ascendant subsidiary inVenture with a line of credit of some $15.5 million secured by Air Care’s assets to finance the full amount of a deal to acquire a majority interest in the air conditioning company.In an announcement on Wednesday, inVenture said it purchased a majority of Air Care shares, with an agreement for the remainder of Air Care shares to be purchased at a fixed multiple of projected earnings over a three-year period.The company said the acquisition of Air Care was being funded by debt to be re-paid by cash flow from Air Care’s operations.Yesterday Ascendant senior vice-president of corporate relations, Linda Smith, provided further details on the deal.Ms Smith told The Royal Gazette: “The value of Air Care has been set at a fixed multiple of projected earnings over a three-year period — so the ultimate price will be based on the company’s future performance. The line of credit is $15.5 million secured by Air Care’s assets.”Air Care is primarily a service company offering HVAC, air quality monitoring, building automation and energy management, commercial plumbing, fire protection, and commercial refrigerator services.inVenture’s joint venture subsidiary, iFM Ltd, provides facilities management services, and it has partnered with Air Care on projects for its primary clients.Of the deal, inVenture said: “The line of credit is secured by Air Care’s assets and cash flows from Air Care’s operations will service the debt without any planned reliance on other Ascendant Group companies. Air Care’s management team, all of whom are Air Care shareholders, have agreed to continue in their roles at minimum over the duration of the purchase period and have entered into non-compete agreements for a period subsequent to the completion of inVenture’s purchase of 100 percent of Air Care’s issued shares.”