TIDMFAN
RNS Number : 8265W
Volution Group plc
20 April 2023
Thursday 20(th) April 2023
Volution Group plc
Volution enters new European markets with two acquisitions for
initial c.EUR35m
Volution Group plc ("Volution" or the "Group"), a leading
international designer and manufacturer of energy efficient indoor
air quality solutions, is pleased to announce that it has signed an
agreement to acquire I-Vent d.o.o ("I-Vent") in Slovenia and
Croatia, and has completed the acquisition of Ventilairsec SA
("Ventilairsec") in France.
Both acquisitions will be earnings enhancing and will report as
part of Volution Group's Continental Europe sector. Consideration
is being funded from existing cash resources and the Group's
Sustainability Linked Revolving Credit Facility.
I-Vent
The Group has signed an agreement to acquire 100% of I-Vent for
an initial consideration of EUR25.2 million on a debt free cash
free basis, with further contingent consideration of up to EUR15
million based on stretching growth targets for the financial
results for the three years up to and including 31 December 2025.
For the financial year ended 31 December 2022, I-Vent reported
unaudited revenue of approximately EUR10 million and profit before
tax of approximately EUR3.4 million, with gross assets of EUR4.7
million.
I-Vent designs, manufactures and supplies residential
ventilation systems, primarily focused on decentralised heat
recovery. The company, which has 20 full time employees, supplies
to residential customers in Slovenia and Croatia. The Managing
Director, founder and former 100% shareholder, Milan Kuster, will
continue to lead the business post acquisition.
Completion of the transaction is conditional on approval of the
FDI (Foreign Direct Investment) authority in Slovenia, which is
expected to take up to two months.
Ventilairsec
The Group has acquired 100% of Ventilairsec for an initial
consideration of EUR10 million on a debt free cash free basis ,
with further contingent consideration of up to EUR5 million based
on delivery of strong earnings growth for the year ending 31
December 2023. The acquisition was completed on 4(th) April
2023.
Ventilairsec, based in Nantes, France, designs and manufactures
a range of residential ventilation systems focused on a low carbon
positive input ventilation technology known as "VMI". The
acquisition provides Volution with direct access to the French
market, one of the largest ventilation markets in Europe, and with
our market leading range of residential ventilation solutions we
are excited about the future opportunities this acquisition
provides the Group. Unaudited revenue for the year ended 31
December 2022 was EUR8.2 million, with a profit before tax of
approximately EUR0.8 million.
Ronnie George, Volution Chief Executive Officer, commented:
"Acquisition of strong local brands with attractive market
positions is a key tenet of Volution's growth strategy, and we are
delighted to announce these two exciting transactions. We look
forward to welcoming our new colleagues in I-Vent and Ventilairsec
to the Group. Both acquisitions give the Group access to
significant new markets and bring with them innovative Low Carbon
product solutions which further enrich our Group's expansive
product portfolio."
-ends-
For further information:
Volution Group plc
Ronnie George, Chief Executive
Officer +44 (0) 1293 441501
Andy O'Brien, Chief Financial
Officer +44 (0) 1293 441536
+44 (0) 203 727
FTI Consulting 1340
Richard Mountain
Susanne Yule
This announcement includes inside information (as defined by
Article 7 of the Market Abuse Regulation (EU) No 596/2014, as it
forms part of the UK domestic laws by virtue of the European Union
(Withdrawal) Act 2018). Upon publication of this announcement, this
information is now considered to be in the public domain. The
person responsible for arranging the release of this announcement
on behalf of Volution is Fiona Smith, Company Secretary.
Volution Group plc Legal Entity Identifier:
213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading international
designer and manufacturer of energy efficient indoor air quality
solutions. Volution Group comprises 19 key brands across three
regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection,
Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation.
Australasia: Simx, Ventair, Manrose.
For more information, please go to: www.volutiongroupplc.com
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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.
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END
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April 20, 2023 02:00 ET (06:00 GMT)
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