The France Air group, a designer and distributor of ventilation products and solutions for indoor air quality, is delighted to announce that it is entering the final stage of an agreement for the acquisition of SIG Air Handling, a division of the British group SIG plc.
The transaction amount in question is €222.7 million for the cash-free debt-free value of the company, which is 8.6 times the company’s EBITDA in 2018.
The effective completion of the operation remains subject to approval by competition authorities, as well as subject to information provided by the representatives of the SIG Air Handling division. The operations are set to be finalised in the first quarter of 2020.
SIG Air Handling is a European market leader in the distribution of ventilation projects and comprehensive solutions for commercial and residential buildings, covering a large swathe of Europe with established positions in France, Belgium, the Netherlands, Central Europe (Germany, Austria, Switzerland), Eastern Europe (Bulgaria, Hungary, Romania) and the United Kingdom. Its main commercial brands include Cairox in Europe, Ouest lsol & Ventil, Saftair and Sebemex in France, BLH in Germany, Barcol-air in the Netherlands, Profant in Austria, SK Sales in the United Kingdom and Multijoint in Switzerland.
In 2018, the consolidated turnover of SIG Air Handling represented approximately €350M.
Strategic interest behind the acquisition
The SIG Air Handling acquisition proposal represents an acceleration of France Air Group’s internationalisation project, which it began 5 years ago. Together, the two parties will become a European market leader in indoor air ventilation, with a consolidated turnover of €500M, a workforce of 1800 and a presence in 14 countries across Europe.
In addition to the strategic interest of expanding internationally, SIG Air Handling and the France Air Group offer their customers a common set of values:
- Designing innovative ventilation products and solutions for the future, to handle, heat, cool or purify our indoor air whilst respecting the environment.
- The widest range on the market, supported by an efficient supply chain and points of sale within easy reach of its customer base.
- A market leader in applications for commercial buildings and a desire to grow our presence in the residential and controlled environment market.
- Our plan is to retain two separate structures while pooling our resources, thereby increasing the number of sites local to our customers. Our intention is to keep the brands separate.
