LONDON: Volution Group plc has signed an agreement to acquire the Fantech Group of companies from the owners of the UK based Elta Group Ltd.

The Group has signed an agreement to acquire 100% of the holding company of the Fantech Australasia business  for an initial consideration of AUD$220 million (£112.9 million) on a debt/cash free basis, with further non-contingent consideration of AUD$60 million (£30.8 million) payable twelve months after the completion date.

For the financial year ended 31 March 2024, Fantech reported audited revenue of AUD$ 177.0 million (£90.8 million1) and EBITDA of AUD$ 33.3 million (£17.1 million1). The transaction is consistent with Volution’s long-established strategy of acquiring leading ventilation brands to extend our routes to market and builds on the Group’s successful expansion in the region since our first acquisition of Simx in March 2018.

Fantech, which includes the Fantech, Ideal Air, NCS Acoustics, Air Design, Major Air, Systemaire and Burra Steel brands, is a leading provider of both commercial and residential ventilation in Australia and commercial ventilation solutions in New Zealand.

Originally formed in 1973 as the Air & Noise Equipment Group and transitioning to the Fantech brand in 1982, Fantech has been one of the leading providers of ventilation equipment in the region for over 50 years.

In 2021, the Company moved to a new 20,000m2 purpose-built and future-proofed headquarters in Melbourne which has considerable operating footprint capacity available, allowing for the continuation of its strong growth trajectory. Fantech has 13 manufacturing, warehouse and sales locations across Australia and New Zealand, and over 350 employees.

Ronnie George, Volution Chief Executive Officer, commented: “This acquisition, our largest to date, gives Volution a great platform to continue our growth in Australasia. We are excited by the opportunities available to us through owning such a well-respected and successful group of brands. Fantech is a leading provider of commercial ventilation solutions in Australia and New Zealand, and complements our existing local market positions in Ventair, Simx and DVS Proven Systems very well.

“I would like to welcome our 350 Fantech colleagues to Volution and I look forward to working closely with them once the acquisition completes. The combination of Fantech’s strong and longstanding trading in the region with greater access to Volution’s wide product portfolio gives us an enviable platform for growth.”