France Air Group
announces the project of acquisition of SIG’s Air Handling Division
France Air Group, a leader for handling and diffusion of indoor air, is pleased to announce it has entered into an agreement for the acquisition of SIG plc’s Air Handling Division (the SIG Air Handling Division).
The enterprise value of the SIG Air Handling Division acquisition will be €222,7 million, which has been calculated on a cash and debt free basis, and represents a 2018 EBITDA multiple of 8,6.
The acquisition is conditional upon certain anti-trust approvals, as well as being dependent upon completion of consultations with the works councils of certain French subsidiaries in the SIG Air Handling Division. Completion is expected to occur in Q1 2020.
The SIG Air Handling Division is a leading distribution-led provider of air handling & ventilation products, systems and solutions non-residential and residential buildings in Europe, and benefits from pan European coverage in France, Belgium, Netherlands, Central Europe (Germany, Austria, Switzerland), East Europe (Bulgaria, Hungary, Romania), and United Kingdom.
The SIG Handling Division’s main commercial brands are Cairox in Europe, Ouest Isol&Ventil, Saftair, Sebemex in France, BHL in Germany, Barcol-air in Netherland, Profant in Austria, SK Sales in UK and Multijoint in Switzerland.
In 2018, the SIG Air Handling Division reported consolidated revenue of about €350 million.
The SIG Air Handling Division acquisition will speed up the international strategy of France Air Group which has been already developed over the last five years. The new company will become an indoor air ventilation European leader with a consolidated turnover of €500 million, 1800 employees and will own entities in 14 European countries.
Beyond strategic interest of geographic expansion, the SIG Air Handling Division and France Air Group share the same value proposition for their customers :
- Design of ventilation products and solutions for tomorrow, to handle, heat, cool or purify our indoor air whilst respecting the environment.
- Widest product range on the market, supported by an effective logistics structure and distribution network close by our customers.
- Leadership position in applications for tertiary buildings and willingness to grow in residential and clean concept market.