SWEDEN/NETHERLANDS: Nibe has agreed the €640m purchase of the Dutch HVAC systems group Climate for Life (CFL).
The purchase from Dutch investment company Parcom and its co-investor Smile Invest includes the subsidiaries Itho Daalderop, Klimaatgarant and Exploitatie.
CFL is described as a successful developer, producer and seller of energy-efficient solutions in the areas of heating and cooling, hot water, ventilation and control technology. The company has a strong position in the Dutch residential and commercial market and a strong product offering in water heaters, heat pumps and ventilation.
The company is located in Tiel in the Netherlands, Schiedam and Zellik (near Brussels) and is a combination of multiple acquisitions and mergers. The earliest roots of the company date back to the founding of Daalderop in 1880. In 2022, the business achieved annual sales of €221m
CEO Bas Korte and CFO David Eddes will remain in their positions to ensure a smooth transition period until January 1, 2024,when Kerst Algera, currently operations director at Itho Daalderop, will take over as CEO and colleague and group controller Ingmar den Blanken taking over as CFO.
The company will be part of the NIBE Climate Solutions business area and consolidation with NIBE is expected to take place as of 1 September 2023. Until necessary approvals and closing of the transaction are obtained, the two companies will continue to operate independently.