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NIBE acquires Canadian heat pump company CGC Group of Companies Inc.
NIBE Industrier AB has acquired 50% of the shares in heat pump company CGC Group of Companies Inc. in Ontario, Canada, with an option to acquire the remaining 50% of the shares no later than spring 2022.
CGC was founded in 1995 and is headquartered in Mississauga, just outside Toronto, with its manufacturing facility in the nearby town of Fergus.
The company has about 80 employees, sales of approximately SEK 120 million (CAD 18 million) and an operating margin of 19%. CGC mainly targets commercial properties under the well known brands Bulldog Heat Pump, Compax and Varipak.“We now have an additional platform for heat pumps for commercial properties in North America and see good growth opportunities both in Canada and the US,” says Gerteric Lindquist, CEO of NIBE Industrier.
It’s really inspiring to continue the work of developing CGC together with the current owners and founders, Bill Browne and Bob Rutherford. Together they have more than 70 years of experience in the heat pump industry and they will continue to lead the company in strict accordance with our usual acquisition model.”
CGC will be included in the NIBE Climate Solutions business area and will be consolidated from 1 February 2017.
The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.
For more information: Benny Torstensson, NIBE Industrier AB: +46 433-73 070NIBE Industrier AB is required to disclose the information in this press release under the Market Abuse Regulation and NASDAQ Stockholm’s rules and regulations for issuers. The information was submitted by Benny Torstensson for publication on February 13, 2017 at 08.00.
NIBE Industrier AB has reached an agreement...
NIBE Industrier AB se je odločila za nakup večinskega deleža Enertech Group, ustanovljene 1983. Prevzem vsebuje operacije v šestih Evropskih državah in bo postala del poslovnega sistema NIBE Climate Solutions. Del skupine je tudi švedski proizvajalec peči in toplotnih črpalk CTC.
Po skrbnem pregledu žirije
Na prvem mestu mesto Olot v Španiji s tremi NIBE toplotnimi črpalkami po 60 kW (180 kW).
Reinforcing NIBE’s position as a global leader in sustainable heating and cooling solutions.
Complete Press Release (PDF)
NIBE Industrier AB has signed an agreement to acquire the sales operations of Technibel SAS in France. The acquired sales operations will become part of the NIBE Energy Systems business area.
Technibel, located just outside Lyon was founded in 1958, has 25 employees within its sales operations and generates sales of about EUR 12 million (around SEK 105 million).
Technibel is a well-established brand in France and is known for its climate control products and heat pumps.
“The French heat pump market is one of the largest in Europe, and Technibel has experienced both the upturn in 2004–2009 and the subsequent downturn. The company struggled in the downturn, but has now adapted its total costs to demand,” says Gerteric Lindquist, CEO and MD of NIBE Industrier AB.
“Technibel’s sales operations will be coordinated with NIBE’s French company, giving us a broader product offering with three brands and a sales organisation that covers all of France. Together we will be able to become a strong player now that the market has stabilised and started moving in the right direction again.”
The operations will be consolidated into the NIBE Group as of today’s date.
For more information, contact:
Benny Torstensson, Information Manager: +46 (0)433-73 070