Volution Group plc Acquisition of Breathing Buildings Ltd (1696S)
December 19 2016 - 1:00AM
UK Regulatory
TIDMFAN
RNS Number : 1696S
Volution Group plc
19 December 2016
Monday 19 December 2016
VOLUTION GROUP PLC
ACQUISITION OF BREATHING BUILDINGS LIMITED
Widening Volution's capability with a leader in natural and
hybrid ventilation
for commercial buildings
Volution Group plc ("Volution" or "Group", LSE: FAN) a leading
supplier of ventilation products to the residential and commercial
construction markets, announces that, in line with its strategy, it
has acquired the entire share capital of Breathing Buildings
Limited ("Breathing Buildings"). The deal provides an exit for the
company's previous backers including MMC Ventures.
Breathing Buildings is based in Cambridge, United Kingdom and
was formed in 2006 by Dr Shaun Fitzgerald from a collaboration
between Cambridge University and Massachusetts Institute of
Technology. Since then, Breathing Buildings has developed its own
hybrid ventilation(1) technology niche for the UK commercial
ventilation market and is now a UK market leading designer,
manufacturer and supplier of energy efficient, intelligently
controlled natural and hybrid ventilation solutions.
Breathing Buildings generated revenue of GBP7.8 million in its
year ended 31 March 2016. The acquisition was funded from the
Group's existing bank facilities and is expected to be immediately
earnings enhancing. It will be reported under Volution's
Ventilation Group division in the UK where it will widen our
capability in the attractive new build commercial market.
Commenting on the acquisition, Ronnie George, Chief Executive
Officer of Volution, said:
"I am delighted that we have completed this acquisition and look
forward to welcoming Dr Fitzgerald and his team to the Volution
Group. Breathing Buildings has developed a market leading position
in the UK for natural and hybrid ventilation in commercial
buildings and we are excited about their potential for continuing
growth."
Dr Shaun Fitzgerald, founder, CEO and shareholder of Breathing
Buildings, said:
"Becoming part of the Volution Group will enable us to maintain
our focus on growth through new product development and the
provision of a more comprehensive offer to our client base. I am
excited about the opportunity to continue working with the business
in the next phase of its development. Being part of the Volution
Group offers significant new opportunities."
(1) Hybrid ventilation is the use of natural ventilation when
external weather conditions are favourable, combined with the use
of mechanical ventilation at other times.
-Ends-
Enquiries:
Volution Group plc
Ronnie George, Chief +44 (0) 1293
Executive Officer 441501
Ian Dew, Chief Financial +44 (0) 1293
Officer 441536
+44 (0) 207
Tulchan Communications 353 4200
James Macey White
Matt Low
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 and northern Europe.
The Group sold approximately 22 million ventilation products and
accessories in the twelve months ended 31 July 2016. The Volution
Group operates through two divisions: the Ventilation Group and the
OEM (Torin-Sifan) division. The Ventilation Group consists of 11
key brands - Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Fresh, PAX, Welair, inVENTer, Brüggemann and Ventilair,
focused primarily on the UK, Nordic and central European
ventilation markets. The Ventilation Group principally supplies
ventilation products for residential and commercial ventilation
applications. The OEM (Torin-Sifan) division, 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/
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
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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