Volution Group plc Acquisition of VoltAir System AB (4299G)
May 30 2017 - 2:01AM
UK Regulatory
TIDMFAN
RNS Number : 4299G
Volution Group plc
30 May 2017
Embargoed until 07.00 on:
Tuesday, 30 May 2017
Volution Group plc
Acquisition of VoltAir System AB
Strengthens our market position in the Nordics region
Volution Group plc ("Volution" or "the Group", LSE: FAN), a
leading supplier of ventilation products to the residential and
commercial construction markets, today announces that it has
completed the acquisition of VoltAir System AB ("VoltAir").
Financial consideration
The acquisition will be on a debt free, cash free basis for an
initial cash consideration of SEK 79.7 million (approximately
GBP7.0 million), to be funded from the Group's existing cash and
banking facilities. A further amount of deferred cash consideration
of up to SEK 28 million (approximately GBP2.5 million) may be
payable, contingent on VoltAir's earnings for the year ended 31
December 2017.
Background to VoltAir
Based in Torsby, Sweden, VoltAir is a leading manufacturer and
supplier of centralised heat recovery ventilation systems for
residential and commercial purposes, in primarily the new build
sector. It develops, manufactures and sells energy efficient air
handling units ("AHUs") based on proprietary technology and sold
under its own brand. It provides both prefabricated and on-site
built AHUs with a reputation for high energy efficiency, low
maintenance costs and long service life.
In the year ended 31 December 2016, VoltAir generated revenue of
SEK 74.5 million (approximately GBP6.5 million) assisted by a
significant and prestigious project for the head office of a large
Swedish bank in Stockholm, which will not repeat. The profit before
tax was SEK 13.8 million (approximately GBP1.2 million) and gross
assets were SEK 31.5 million (approximately GBP2.8 million).
Volution expects the acquisition to be immediately earnings
enhancing, and will be reported under Volution's Ventilation Group
division.
Commenting on the acquisition, Ronnie George, Chief Executive
Officer of Volution, said:
"We are delighted to have reached agreement to acquire VoltAir.
This acquisition is consistent with our stated strategy of making
selective value enhancing acquisitions. VoltAir has a strong
presence in the residential and commercial new build ventilation
markets in Sweden and the wider Nordics in the growing market for
energy efficient air handling units. The business will be highly
complementary to our strong position in the Nordic residential
refurbishment ventilation products market and we believe the
acquisition will deliver value for our shareholders."
-Ends-
For further information:
Enquiries:
Volution Group plc
Ronnie George, Chief Executive Officer +44 (0) 1293 441501
Ian Dew, Chief Financial Officer +44 (0) 1293 441536
Tulchan Communications +44 (0) 207 353 4200
James Macey White
Matt Low
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No. 596/2014) prior to its release as part of this
announcement.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of
ventilation products to the residential and commercial construction
markets in the UK, the Nordics and Central Europe.
The Volution Group operates through two divisions: the
Ventilation Group and the OEM (Torin-Sifan) division. The
Ventilation Group consists of 12 key brands - Vent-Axia, Manrose,
Diffusion, National Ventilation, Airtech, Breathing Buildings,
Fresh, PAX, Welair, inVENTer, Brüggemann and Ventilair, focused
primarily on the UK, the Nordic and Central European ventilation
markets. The Ventilation Group principally supplies ventilation
products for residential and commercial ventilation applications.
The OEM (Torin-Sifan) division supplies motors, fans and blowers to
OEMs of heating and ventilation products for both residential and
commercial construction applications in Europe.
For more information, please go to: www.volutiongroupplc.com
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements which are
made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. You can
sometimes, but not always, identify these statements by the use of
a date in the future or such words as "will", "anticipate",
"estimate", "expect", "project", "intend", "plan", "should", "may",
"assume" and other similar words. By their nature, forward-looking
statements are inherently predictive and speculative and involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. You should not place
undue reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to factors that
could cause our actual results to differ materially from those
expressed or implied by these statements. The Company undertakes no
obligation to update any forward-looking statements contained in
this document, whether as a result of new information, future
events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 30, 2017 02:01 ET (06:01 GMT)
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