Volution acquires ventilation firm for £11.6m

Fan supplier Volution has bought a Belgium-headquartered ventilation manufacturer for £11.6.Volution said it would fund the acquisition of Ventilair from its existing bank and cash facilities.The FTSE small cap company said Ventilair, which generated revenue of £10.2m last year, would help Volution expand into Europe.Ventilair founder Kurt Declerck would step down after a transition period, Volution said in statement.Volution chief executive Ronnie George said the companies had been trading partners for about ten years."The acquisition of Ventilair increases Volution's exposure to this growing market sector as well as widening the group's existing product portfolio," George said in a statement.