Volution Acquires Brüggemann Energiekonzepte GmbH
Volution Group plc ("Volution" or "the Group" or "the Company", LSE: FAN), a leading supplier of ventilation products to the residential construction market, today announces that it has completed the transaction to acquire 100% of the shares in Brüggemann Energiekonzepte GmbH ("Brüggemann"), a leading supplier of decentralised heat recovery ventilation in the Northern area of Germany.
Brüggemann has an extensive list of and long term relationships with, installers and end user customers in the Hamburg and surrounding area of Germany. The acquisition of Brüggemann is expected to grow Group revenues by approximately €2 million p.a.
Commenting on this acquisition, Ronnie George, Chief Executive Officer, said:
"We are delighted to have completed the transaction to acquire Brüggemann. This addition to our ventilation operations will significantly extend our coverage in the Northern area of Germany around Hamburg. Decentralised heat recovery ventilation is an attractive market in Germany and we are pleased to bring this extra experience and knowledge into the Group to assist us with our plans for growth."