UK: SIG a UK based Building materials supplier has bought Dutch air conditioning firm Inatherm for an estimated £6m, a leading provider of innovative and energy-saving ventilation and air conditioning equipment in Europe.
The purchase involves an up-front cash payment of £3.8m plus a deferred cash consideration of £600,000 payable in January 2016. It will also pay an earn-out cash consideration of up to £1.6m dependent on the performance of the business over the period to December 2016.
Inatherm made a pre-tax profit of £480.000 in teh year end to December 31 and gross assets at teh end of 2013 were £1.45m.
SIG hopes that the acquisition will strengthen its position in the air handling market in mainland Europe.
Inatherm products include, fans, balanced ventilation and heat recovery, air valves, temperature control and air distribution.
SIG has so far made eight acquisitions in the last year, with the majority in the roofing materials business and most of them in Britain.
SIG has also reported a 9.4 per cent jump in revenue from continuing operations in the first four months of 2014, as a string of small acquisitions mitigated the impact of a strong pound.
About SIG: SIG is a leading distributor of specialist building products in Europe. The Group has a product and service offering of significant scale with strong positions in its three core markets of Insulation & Energy Management, Interiors and Exteriors.