8 August 2024
Genuit Group
plc
Blue green roof and
underfloor heating acquisitions
Genuit Group plc ("Genuit", the
"Company" or the "Group"), the UK's largest provider of sustainable
water, climate and ventilation solutions for the built environment,
is pleased to announce the acquisition of Sky Garden Limited, Omnie
and Timoleon.
Sky
Garden Limited
Sky Garden Limited is a leader in
green roof technologies providing design, supply, installation and
maintenance services for green and bio-solar roofs, podium decks
and green walls. Sky Garden was acquired for a cash consideration
of £2.5m.
The business, based in Tewksbury,
Gloucestershire, will join the Water Management Solutions (WMS)
business unit and will extend the Group's blue green roof offering.
It will provide an additional route to market for Genuit's
Permavoid business, which it complements, and we also expect
synergies with the Keytec installation business. Together these
provide a full blue green roof solution offering.
This is an attractive market segment
with significant future growth potential associated with the
increasing need for urban re-greening and stormwater
management.
Omnie and Timoleon
Omnie and Timoleon are leaders in
underfloor heating (UFH) board technologies and providers of full
UFH system design and supply services. The trade and assets of the
group operating the Omnie and Timoleon businesses have been
acquired for a cash consideration of £2.7m.
The businesses operate and
manufacture in Exeter, Devon and Lomza, Poland. The brands will
complement and enhance the Group's UFH offering and will be part of
the Climate Management Solutions (CMS) business unit. Omnie serves
direct customers and the merchant channel whilst Timoleon supplies
OEM customers. We expect strong synergies with the existing Nu-Heat
business in CMS and with the Group's Polypipe UFH offering for new
housebuilding in the Group's Sustainable Building Solutions (SBS)
business unit.
The Group anticipates growth in
demand from increasing adoption of UFH solutions in both new
housebuilding and RMI markets, as part of the drive to lower the
carbon footprint of the built environment.
The Sky Garden Limited acquisition
completed on 5 August 2024, and the Omnie and Timoleon acquisition
completed on 6 August 2024. These businesses are expected to
deliver incremental revenue in the region of £6-7m in the remaining
five months of the year. Earnings are not expected to be materially
impacted in 2024.
Commenting on the acquisitions, Joe Vorih, Genuit Group Chief
Executive Officer, said: "We are excited by these
acquisitions, which present a compelling opportunity for Genuit and
align with our Sustainable Solutions for Growth strategy. They
complement our existing portfolio, expand our product offering and
will enable us to drive further growth in attractive end
markets.
"I
am delighted to welcome our new colleagues from Sky Garden, Omnie
and Timoleon, and look forward to working together as we continue
to address the challenges posed by climate change and
urbanisation."
Enquiries:
Joe Vorih, Chief Executive
Officer
Tim Pullen, Chief Financial
Officer
+44 (0) 1138 315315
Headland Consultancy:
Notes to Editors:
About Genuit Group plc
Genuit Group plc is the UK's largest
provider of sustainable water, climate and ventilation products for
the built environment. Genuit's solutions allow customers to
mitigate and adapt to the effects of climate change and meet
evolving sustainability regulations and targets.
The Group is divided into three
Business Units, each of which addresses specific challenges in the
built environment:
·
Sustainable Building Solutions - Providing a range of construction solutions to reduce the
carbon content of the built environment.
· Water Management
Solutions - Driving climate
adaptation and resilience through integrated surface and drainage
solutions.
· Climate Management
Solutions - Addressing the drivers
for low carbon heating and cooling, and clean and healthy air
ventilation.
Across these Business Units,
Genuit's brands are some of the most well-established and
innovative in the industry, including Polypipe, Nuaire and
Adey.
The Group primarily serves the UK
and European building and construction markets with a presence in
Italy and the Netherlands and sells to specific niches in the rest
of the world.