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- Change Today:
Volution buys ERI for initial €23.4m
By Frank Prenesti
Date: Monday 02 Aug 2021
LONDON (ShareCast) - (Sharecast News) - Volution Group said it had bought Energy Recovery Industries, a maker and supplier of low-carbon, energy efficient heat exchanger cells, for an initial €23.4m.
The company said a further €12.4m could be paid based on stretching targets for the financial results for the year to December 31, 2023.
ERI designs and manufactures a range of aluminium heat exchanger cells for use primarily in commercial heat recovery ventilation systems.
Products are made its factory in Bitola, North Macedonia, and are supplied to heat recovery and air handling unit manufacturers predominantly in Europe, including existing Volution Group companies.
"A comprehensive and pre-existing expansion plan is in progress which will include the acquisition of adjacent land, extension of the factory and further investment in machinery and automation, to support ERI's growth ambitions," Volution said on Monday.
Sales and distribution entities in Italy, Spain and the UK also form part of the transaction, and the founding major shareholder Umberto Fiorentini and his senior management team will remain with the business and continue to lead it post completion.
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