18 December 2020 | 08:52am
StockMarketWire.com - Indoor air quality solutions group Volution said it had acquired a 75% stake in ClimaRad, a company manufacturing decentralised ventilation systems in the Netherlands, for €42 million.
The acquisition of ClimaRad complemented the 'existing Volution portfolio of mechanical ventilation with heat recovery and fan coils,' the comapny said.
'Against the backdrop of additional legislation, extending the group's decentralised product range provides additional opportunity for growth across its European and UK sales channels,' it added.
Under the terms of the deal, Volition will acquire the remaining 25% stake in ClimaRad - held by the co-founder, Peter Schabos, and four of the current directors and management team of ClimaRad - on or before 28 February 2025.