TIDMFAN

RNS Number : 3351L

Volution Group plc

10 September 2021

Friday 10 September 2021

Volution Group plc

Completion of Acquisition of Energy Recovery Industries

Volution Group plc ("the Group", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, is pleased to confirm that further to the announcement on 2 August 2021 it has now successfully completed the acquisition of Energy Recovery Industries(1) ("ERI"), a leading manufacturer and supplier of low-carbon, energy efficient heat exchanger cells. The initial consideration for the acquisition was EUR23.4 million on a debt free cash free basis, with a further contingent cash consideration of up to EUR12.4 million based on stretching targets for the financial results for the year ending 31 December 2023.

The transaction has been funded from existing cash and the Group's Sustainability Linked Revolving Credit Facility. For the financial year ended 31 December 2020, ERI generated revenue of EUR11.3 million and profit before tax of EUR2.0m, with gross assets of EUR7.6m. Revenue is growing at double digit rates in calendar year 2021 and the acquisition is expected to be immediately earnings accretive for the Group.

A comprehensive and pre-existing expansion plan is in progress which will include the acquisition of adjacent land, extension of the factory and further investment in machinery and automation, to support ERI's growth ambitions. Sales and distribution entities in Italy, Spain and the U.K. also form part of the transaction, and the founding major shareholder Umberto Fiorentini and his senior management team will remain with the business and continue to lead it post completion.

(1) Acquisition encompasses 100% of ERI Corporation DOO Bitola (North Macedonia), 100% of ERI Corporation S.R.L. (Italy), 100% of Energy Recovery Industries Trading SLU (Spain) and 51% of Energy Recovery Industries Corporation Ltd (UK).

-ends-

 
 For further information: 
 
 Volution Group plc 
                                  --------------------- 
 
 Ronnie George, Chief Executive 
  Officer                          +44 (0) 1293 441501 
                                  --------------------- 
 Andy O'Brien, Chief Financial 
  Officer                          +44 (0) 1293 441536 
                                  --------------------- 
 
 Tulchan Communications            +44 (0) 207 353 4200 
                                  --------------------- 
 
 James Macey White 
                                  --------------------- 
 Victoria Boxall 
                                  ---------------------

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019) prior to its release as part of this announcement.

Volution Group plc Legal Entity Identifier: 213800EPT84EQCDHO768.

Note to Editors:

Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions. Volution Group comprises 19 key brands across three regions:

UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.

Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation.

Australasia: Simx, Ventair, Manrose.

For more information, please go to: www.volutiongroupplc.com

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September 10, 2021 02:00 ET (06:00 GMT)

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