Lindab to acquire Danish ventilation company Airmaster22nd January 2024
SWEDEN/DENMARK: Swedish ventilation company Lindab has signed an agreement to acquire Airmaster, a Danish manufacturer of products for decentralised ventilation.
Decentralised ventilation is described as an energy-efficient way to ventilate buildings and said to be especially suitable for renovation projects, properties where ducting can be difficult or where only part of a building is being renovated.
Airmaster’s latest AMX product is also equipped with an integrated heat pump that enables both cooling and heating for optimal indoor comfort.
Founded in 1991 and based in Aars, Jutland, Airmaster’s most important markets are Germany, Denmark, Benelux, Norway and France. The company had sales of DKK356m (€48m) in 2022 with an operating margin of 18% and has achieved an average sales growth exceeding 10% per annum since 2015.
With the acquisition, Lindab establishes a new product area within the group, with the ambition that decentralised ventilation will reach sales of SEK2bn (€176m) by 2027.
Airmaster co-founder Kim Jensen, who is also the company’s CEO, will continue to lead Airmaster as part of Lindab together with his management team. Airmaster has direct sales in Denmark, Benelux and Norway and sells mainly through distributors in other markets. It has approximately 200 employees.