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LONDON (Alliance News) - Volution Group PLC on Friday said it has struck a deal to acquire Ventilair Group International BVBA and its Belgian and Dutch subsidiaries for EUR16.3 million in cash.
Volution, which supplies ventilation products to the residential construction market, said Ventilair, which is based in Kuurne in Belgium, is a manufacturing of residential ventilation products, primarily in Belgium and the Netherlands.
It expects the deal to be immediately earnings enhancing and will place the acquisition under its Ventilation Group division. it expects the deal to complete by August 5.
"The acquisition of Ventilair increases Volution's exposure to this growing market sector as well as widening the group's existing product portfolio. This additional access to market and enhanced product range will greatly assist us in our future plans for growth," said Ronnie George, Volution's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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