Completion of acquisition of Ventilair Group International
Further to the announcement on 10 July 2015, Volution Group plc (the “Group”, LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction market, is pleased to confirm that, through one of its wholly owned subsidiaries, it has now successfully completed the acquisition of Ventilair Group International BVBA and its subsidiary operations in Belgium and the Netherlands1. The consideration for the acquisition was €16.3 million2 (approximately £11.6 million), on a debt free, cash free basis, to be funded from the Group’s existing cash and banking facilities.
1 The transaction also includes the acquisition of a small legal entity in France (Ventilair SARL), a minor subsidiary of Ventilair Group.
2 The consideration includes the benefit of a negotiated two year rent free period to the value of €0.4 million and is subject to certain adjustments under an agreed completion accounts mechanism in the share purchase agreement.
Volution Group plc
Ronnie George - Chief Executive Officer
+44 (0) 1293 441501
Ian Dew - Chief Financial Officer
+44 (0) 1293 441536
+44 (0) 20 7404 5959
Notes to Editors
Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction market in the UK, the Nordics, Germany and Benelux countries.
The Group sold approximately 11 million ventilation products and accessories in the six months ended 31 January 2015. The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin –Sifan) division. The Ventilation Group consists of 7 key brands - Vent-Axia, Manrose, Fresh, PAX, inVENTer, Brüggemann and Ventilair focused primarily on the UK, Nordic, German and Benelux ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM division (Torin-Sifan), 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/
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.