Volution Group PLC - West Sussex, England-based international designer and manufacturer of energy efficient indoor air quality solutions - Confirms that it has completed its acquisition of I-Vent, a designer, manufacturer and supplier of residential ventilation systems serving customers in Slovenia and Croatia. Volution in late April agreed to purchase I-Vent.
Under the terms of the agreement, Volution said it will acquire I-Vent for an initial consideration of EUR25.2 million on a debt free cash basis, with further contingent consideration of up to EUR15 million based on stretching growth targets for the financial years up to and including December 31, 2025.
Chief Executive Officer says: "We are delighted to have completed this earnings accretive transaction, and look forward to welcoming our new colleagues in I-Vent to the Group. The acquisition gives the Group access to fast growing new markets in Slovenia and Croatia, and I-Vent's innovative Low Carbon product solutions will further enrich our Group's expansive product portfolio, particularly in decentralised heat recovery."
Current stock price: 369.00 pence, up 3.4% in London on Friday
12-month change: up 8.9%
By Sophie Rose, Alliance News reporter and Emma Curzon, Alliance News reporter
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Volution Group PLS (FAN)