GERMANY: Investment group Triton, owner of heat exchanger company Kelvion, has signed an agreement to acquire Fläkt Woods.
Fläkt Woods is seen as a global leader in air technology – air movement, treatment, management, diffusion and distribution. Financial details of the acquisition from the company’s investors Sagard and Equistone have not been disclosed and the transaction is subject to normal regulatory approval in the relevant jurisdictions.
Fläkt Woods has more than 2,100 employees and annual sales of €423m. It has locations in over 25 countries with well-known brands in Europe, North America and Asia including Caryaire, Iloxair, Semco and Climate Consult.
“We want to support the management and employees of Fläkt Woods as a stable owner in investing in and supporting the growth and development of the company,” said Peder Prahl, director of the general partner for the Triton funds.
“We will contribute with our strategic insights and operational know-how in this industry. We look forward to working together with the management team and the board of directors in building a stronger company.”
“Over the last nine years and with the continuous support of Sagard and Equistone, Fläkt Woods has undergone major evolutions to accelerate its development,” commented Didier Forget, Fläkt Woods CEO.
Laurent Chauvois, partner at Equistone, added: “Fläkt Woods has developed globally with strong market positions, focusing on energy saving solutions, continued investment in R&D, and targeted acquisitions in the USA, Scandinavian countries or India. Following the successful divestment of the Infrastructure and Industry ventilation division to Colfax in 2013, Fläkt Woods has become a pure and attractive player on the European HVAC market.”
In 2014, Triton acquired GEA’s Heat Exchanger business (now renamed Kelvion) for €1.3bn, as well as French company Alstom’s auxiliary components business.
Fläkt Woods Group was formed in 2002 from the amalgamation of the UK fan business Woods of Colchester and Swedish company Fläkt. Sagard and Equistone have backed Fläkt Woods in a 50/50 partnership since 2007.