Systemair has acquired 80 per cent of the Italian company Tecnair LV S.p.A. from LU-VE Group, listed on the Milan Stock Exchange, and the remaining 20 per cent from the Monti family.
Tecnair is an international supplier of indoor close control air conditioning units. The products are delivered to hospitals and data centres.
The Italian market accounts for about 25 perc ent of Tecnair's sales and the rest is exported mainly within Europe.
Tecnair specializes in the manufacture of precision cooling products for healthcare applications such as intensive care units, operating theatres, laboratories and data centre applications.
Tecnair is located in Uboldo outside Milan but will relocate to Systemair's existing premises in Barlassina 15 km from Uboldo. Tecnair's sales in 2021 amounted to $US13.47 million with an EBITDA result of $US1.34 million.
The company has 43 employees. The transaction requires approval from the Italian authorities and completion is estimated for the end of March 2022.
The agreed purchase price amounts to $US16.8 million on a debt-free basis.
Systemair president & CEO, Roland Kasper, said Tecnair complements Systemair in multiple areas.
“Tecnair's product range and market presence fits Systemair's product offering well,” he said.
“At the same time, Systemair signs a long-term supply agreement with LU-VE for the supply of heat exchanger coils. We also see good synergies by coordinating production, product development and sales of Tecnair with our existing facility in Barlassina.
“Through the acquisition we get a stronger market position and good synergies in the field of air conditioning products in the European market.”