Bermuda Air Conditioning Ltd says it’s concerned about Ascendant Group subsidiary inVenture’s takeover of Air Care.However, another Air Care rival, GSC Ltd, said the acquisition was a clear sign of the tough economic times in Bermuda, and it welcomed the competition.GSC president Alexander (Jerry) Ming said he also expected that at least two more similar deals in the air conditioning/facilities management industry could soon be announced.The inVenture-Air Care deal announced Wednesday gives Ascendant a major foothold in the air conditioning sales, installation and maintenance industry.More than that, Mr Ming said, it gets Air Care solidly into the lucrative facilities management market.inVenture’s joint-venture subsidiary, iFM Ltd, provides facilities management services. iFM is jointly owned by inVenture and a Bermuda subsidiary of Canadian firm Black & McDonald.BAC managing director Chris Schuler told The Royal Gazette: “Belco has started a facilities management company with an overseas partner and have now bought into the air conditioning business. It concerns me that a public utility company that has a monopoly on the Island is able to purchase a private company and get in to direct competition with other private business.”BAS-Serco has been the major player in the facilities management sector.But with the downturn in the construction industry, companies involved in the construction industry have increasingly been going after facilities management contracts.GSC’s Mr Ming said he did not have a problem with the inVenture-Air Care merger.“These are certainly two very prudent organisations that have devised a business strategy that makes sense to the two of them,” Mr Ming said.“From our standpoint it certainly presents competition for us and we welcome that and certainly wish them well.”He continued: “It is a reflection of the economy and the times we are in. It is advisable for all for business leaders to be looking at all options available to ensure their sustainability over the next three to five years and beyond. Let’s not kid ourselves, it’s going to take quite a bit of effort and time for Bermuda’s economy to rebound.”Mr Ming said he predicted it would be three to five years before the construction industry saw any type of growth.“There are major projects on the horizon,” Mr Ming said. “But in terms of sufficient work being available in the market to sustain all the existing players, that will not come about, in my opinion, for at least five years.”He added: “We are looking forward to continually compete as a major force within our industry. We are not going anywhere.”GSC employs more than 60 staff. Air Care employs employed 65 staff .Butterfield Bank is providing 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 had 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.