Volution Group plc Acquisition completion (2426V)
August 05 2015 - 11:25AM
UK Regulatory
TIDMFAN
RNS Number : 2426V
Volution Group plc
05 August 2015
Wednesday 5 August 2015
VOLUTION GROUP PLC
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
Netherlands(1) . The consideration for the acquisition was EUR16.3
million(2) (approximately GBP11.5 million), on a debt free, cash
free basis, 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 EUR0.4 million and was
subject to certain adjustments under an agreed completion accounts
mechanism in the share purchase agreement.
-Ends-
Enquiries:
Volution Group plc
Ronnie George, Chief Executive Officer +44 (0) 1293 441501
Ian Dew, Chief Financial Officer +44 (0) 1293 441536
Brunswick +44 (0) 20 7404 5959
volution@brunswickgroup.com
Craig Breheny, Simone Selzer, Chris Buscombe
Note 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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