Acquisition of Breathing Buildings Limited
Widening Volution’s capability with a leader in natural and hybrid ventilation for commercial buildings
Volution Group plc (“Volution” or “Group”, LSE: FAN) a leading supplier of ventilation products to the residential and commercial construction markets, announces that, in line with its strategy, it has acquired the entire share capital of Breathing Buildings Limited (“Breathing Buildings”). The deal provides an exit for the company’s previous backers including MMC Ventures.
Breathing Buildings is based in Cambridge, United Kingdom and was formed in 2006 by Dr Shaun Fitzgerald from a collaboration between Cambridge University and Massachusetts Institute of Technology. Since then, Breathing Buildings has developed its own hybrid ventilation1 technology niche for the UK commercial ventilation market and is now a UK market leading designer, manufacturer and supplier of energy efficient, intelligently controlled natural and hybrid ventilation solutions.
Breathing Buildings generated revenue of £7.8 million in its year ended 31 March 2016. The acquisition was funded from the Group’s existing bank facilities and is expected to be immediately earnings enhancing. It will be reported under Volution’s Ventilation Group division in the UK where it will widen our capability in the attractive new build commercial market.
Commenting on the acquisition, Ronnie George, Chief Executive Officer of Volution, said:
“I am delighted that we have completed this acquisition and look forward to welcoming Dr Fitzgerald and his team to the Volution Group. Breathing Buildings has developed a market leading position in the UK for natural and hybrid ventilation in commercial buildings and we are excited about their potential for continuing growth.”
Dr Shaun Fitzgerald, founder, CEO and shareholder of Breathing Buildings, said:
“Becoming part of the Volution Group will enable us to maintain our focus on growth through new product development and the provision of a more comprehensive offer to our client base. I am excited about the opportunity to continue working with the business in the next phase of its development. Being part of the Volution Group offers significant new opportunities.”
1Hybrid ventilation is the use of natural ventilation when external weather conditions are favourable, combined with the use of mechanical ventilation at other times.
Volution Group plc
Ronnie George, Chief Executive Officer
+44 (0) 1293 441501
Ian Dew, Chief Financial Officer
+44 (0) 1293 441536
+44 (0) 207 353 4200
James Macey White
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction market in the UK and northern Europe.
The Group sold approximately 22 million ventilation products and accessories in the twelve months ended 31 July 2016. The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin-Sifan) division. The Ventilation Group consists of 11 key brands - Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Fresh, PAX, Welair, inVENTer, Brüggemann and Ventilair, focused primarily on the UK, 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: http://www.volutiongroupplc.com/
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.
Cautionary statement regarding forward-looking statements
Certain statements made in this announcement may be forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.