Expanding our market opportunity in the Nordics
In July 2018 we completed the acquisition of both Oy Pamon Ab (Pamon) in Finland and Air Connection ApS (Air Connection) in Denmark. Since acquisition, we have successfully integrated both businesses into the Group. The management team at Pamon remained in the business and, working with the wider Volution team, has been successful in growing the revenue by 15% over the first twelve months. To build further on this strong growth we are increasing factory capacity to underpin our plans to sell the product range across the wider Group.
The combined product ranges of our Voltair brand and Pamon (Kair) brand in the Nordic region has meant that our product proposition in heat recovery units has grown significantly, as has the scope of our sales channel. Maximising sales of these heat recovery products through the wider Group is a further opportunity for growth; due to the complementary nature of the Voltair and Pamon product ranges, the current focus is the sale of the Voltair products through the Pamon sales channels.
As we reported in our half-year results announcement, Air Connection has been expanding its product portfolio with the introduction of other Group products and has implemented a new ERP system. During the second half of the year we have continued that momentum with Air Connection launching products from Pamon, Voltair and inVENTer. The expansion of the product range secures our position in the project market and continues to develop and build strong customer preference.
“We are very pleased with the progress made by Pamon and Air Connection since acquisition. We have strengthened our presence in the Finnish market whilst at the same time expanded our product portfolio in other markets in the Nordic region using products developed by Pamon. We are now working to ensure that Pamon continues its strong period of growth by introducing other Group products into the Finnish market. In addition, Air Connection has provided an excellent platform to introduce new Group products into Denmark and continues to grow in line with our expectations.”
Managing Director, Volution Nordics