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Lindab Group acquires Irish ventilation distributor
Lindab Group acquires Irish ventilation distributor Connaught Ventilation Supplies (CVS). With the acquisition, Lindab Group will be established in western Ireland, a region with high construction activity.
Connaught Ventilation Supplies Limited (CVS) is a distributor of ventilation products based in Galway, western Ireland. The company also has some production of ventilation ducts. Revenue amounts to approximately EUR 2 million, and profitability is above the average level within Lindab Group. The company has 5 employees. It has previously not been distributing Lindab products, leading to good opportunities for additional sales.
"Our current Irish business is very successful and with the acquisition of CVS we have the opportunity to benefit from the high construction activity in the western part of the country", says Ola Ringdahl, President and CEO of Lindab Group. "CVS is known for its high service level and has a strong market position, impressive profitability and good growth. I am pleased that the owner and Managing Director will continue in the company, as part of Lindab Group."
The acquisition will be financed through an existing credit facility. The transaction was completed in connection with the transfer of ownership. CVS will thereafter operate as a subsidiary of Lindab Ireland. The transaction has been approved by the local competition authority, the CCPC.
The sellers are Sandra and Tomas Varley. Tomas Varley, Managing Director, comments on the acquisition: "We look forward to becoming part of Lindab Group, one of Europe's leading ventilation companies, and are confident that we will continue to develop successfully as a subsidiary of Lindab Ireland. In this new set-up, we will be able to offer new opportunities to our customers and employees."