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Volution Group plc (“Volution” or “Group”, LSE: FAN) a leading supplier of ventilation products to the residential and commercial construction markets, announces that, in line with its strategy, it has acquired the entire share capital of Breathing Buildings Limited (“Breathing Buildings”). The deal provides an exit for the company’s previous backers including MMC Ventures.
Breathing Buildings is based in Cambridge, UK and was formed in 2006 by Dr Shaun Fitzgerald from a collaboration between Cambridge University and Massachusetts Institute of Technology. Since then, Breathing Buildings has developed its own hybrid ventilation1 technology niche for the UK commercial ventilation market and is now a UK market leading designer, manufacturer and supplier of energy efficient, intelligently controlled natural and hybrid ventilation solutions.
Becoming part of the Volution Group will enable us to maintain our focus on growth through new product development and the provision of a more comprehensive offer to our client base. I am excited about the opportunity to continue working with the business in the next phase of its development.Dr Shaun Fitzgerald
Breathing Buildings generated revenue of £7.8 million in its year ended 31 March 2016. The acquisition was funded from the Group’s existing bank facilities and is expected to be immediately earnings enhancing. It will be reported under Volution’s Ventilation Group division in the UK where it will widen our capability in the attractive new build commercial market.
Commenting on the acquisition, Ronnie George, Chief Executive Officer of Volution, said: “I am delighted that we have completed this acquisition and look forward to welcoming Dr Fitzgerald and his team to the Volution Group. Breathing Buildings has developed a market leading position in the UK for natural and hybrid ventilation in commercial buildings and we are excited about their potential for continuing growth.”
Dr Shaun Fitzgerald, founder, CEO and shareholder of Breathing Buildings, said: “Becoming part of the Volution Group will enable us to maintain our focus on growth through new product development and the provision of a more comprehensive offer to our client base. I am excited about the opportunity to continue working with the business in the next phase of its development. Being part of the Volution Group offers significant new opportunities.”
1Hybrid ventilation is the use of natural ventilation when external weather conditions are favourable, combined with the use of mechanical ventilation at other times.