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Volution acquires 75% stake in ClimaRad for €42 million
StockMarketWire.com
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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.
The 25% purchase in 2025 would be for an 'additional cash consideration equal to 25% of a multiple of 13 times the EBITDA of ClimaRad for the financial year ending 31 December 2024, and is subject to a cap,' it added.
At 8:52am: (LON:FAN) Volution Group Plc share price was 0p at 223p
Story provided by StockMarketWire.com
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