LONDON, UK: Volution Group, a leading international designer and manufacturer of energy efficient indoor air quality solutions, has signed an agreement to acquire I-Vent d.o.o (I-Vent) in Slovenia and Croatia, and has completed the acquisition of Ventilairsec SA in France.  

Both acquisitions will be earnings enhancing and will report as part of Volution Group’s Continental Europe sector. Consideration is being funded from existing cash resources and the Group’s sustainability linked revolving credit facility.

 I-Vent

The Group has signed an agreement to acquire 100% of I-Vent for an initial consideration of €25.2 million on a debt free cash free basis, with further contingent consideration of up to €15 million based on stretching growth targets for the financial results for the three years up to and including 31 December 2025.

For the financial year ended 31 December 2022, I-Vent reported unaudited revenue of approximately €10 million and profit before tax of approximately €3.4 million, with gross assets of €4.7 million.

I-Vent designs, manufactures and supplies residential ventilation systems, primarily focused on decentralised heat recovery. The company, which has 20 full time employees, supplies to residential customers in Slovenia and Croatia.

The Managing Director, founder and former 100% shareholder, Milan Kuster, will continue to lead the business post acquisition.

Completion of the transaction is conditional on approval of the FDI (Foreign Direct Investment) authority in Slovenia, which is expected to take up to two months.

Ventilairsec

The Group has acquired 100% of Ventilairsec for an initial consideration of €10 million on a debt free cash free basis, with further contingent consideration of up to €5 million based on delivery of strong earnings growth for the year ending 31 December 2023. The acquisition was completed on 4th April 2023.

Ventilairsec, based in Nantes, France, designs and manufactures a range of residential ventilation systems focused on a low carbon positive input ventilation technology known as “VMI”.

The acquisition provides Volution with direct access to the French market, one of the largest ventilation markets in Europe, and with our market leading range of residential ventilation solutions we are excited about the future opportunities this acquisition provides the Group.

Unaudited revenue for the year ended 31 December 2022 was €8.2 million, with a profit before tax of approximately €0.8 million.

Ronnie George, Volution Group Chief Executive Officer, commented: “Acquisition of strong local brands with attractive market positions is a key tenet of Volution’s growth strategy, and we are delighted to announce these two exciting transactions. We look forward to welcoming our new colleagues in I-Vent and Ventilairsec to the Group. Both acquisitions give the Group access to significant new markets and bring with them innovative Low Carbon product solutions which further enrich our Group’s expansive product portfolio.”

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