Business
Acquisition of Air Connection ApS
Acquisition of Air Connection ApS.
About this update from Volution Group Plc
[{"type":"text","content":"\n \nRNS Number : 8102U Volution Group plc 17 July 2018 \n\n \nEmbargoed until 07.00 on: \n17 July 2018\n \nVolution Group plc\n \nAcquisition of Air Connection ApS \n \nFurther strengthens our market position in the Nordics region\n \n \nVolution Group plc (\"Volution\" or \"the Group\", LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction markets, is pleased to announce that it has acquired Air Connection ApS (\"Air Connection\"), a leading supplier of branded ventilation products to the Danish market.\n \nConsideration\n \nThe acquisition will be on a debt free, cash free basis for an initial cash consideration of DKK23.8 million (approximately £2.8 million), to be funded from the Group's existing cash and banking facilities. A further amount of deferred cash consideration of up to DKK4.2 million (approximately £0.5 million) may be payable, contingent on Air Connection's earnings for the year ending 31 July 2021. \n \nVolution expects the acquisition to be earnings enhancing in the year ending 31 July 2019 and will be reported under Volution's Ventilation Group division. \n \nStrategic rationale\n \nThe acquisition of Air Connection is in line with the Group's strategy to grow by selectively acquiring value-adding businesses in new and existing markets and geographies, across the residential ventilation market and, where appropriate, in the commercial ventilation market. In particular, this further broadens and strengthens our leading presence in the Nordic region where we have been growing strongly both organically and by acquisition in recent years. \n \nVolution currently has some exposure to the Danish ventilation market and this acquisition provides an opportunity to enlarge our presence by introducing more of the Volution Group product range via an established route to market.\n \nAir Connection's Managing Director, Allan Kristensen, will remain with the business and report in to Volution's Nordics management team. \n \nBackground to Air Connection\n \nAir Connection was established in 2004 and is a leading supplier of branded ventilation products to the Danish market, including Volution products. Air Connection's head office and main distribution centre is based i...