Sheffield’s SIG plc, a distributor of specialist building products in Europe, today announces that it has acquired Inatherm BV, a specialist distributor of air handling products based in the Netherlands.
The consideration for the acquisition comprises an up-front cash payment of €4.7 million, deferred cash consideration of €0.7 million payable in January 2016; and earn-out cash consideration of up to €2.0 million dependent on the performance of the business over the period to 31 December 2016.
For the financial year ended 31 December 2013 Inatherm BV made a profit before tax of €0.6 million. Gross assets were €1.8 million as at 31 December 2013.
This infill acquisition further strengthens the Group’s position in the Mainland European air handling market, where it already has a significant presence through Air Trade Centre and Ouest Ventil.
Inatherm BV is being sold by Triple R Holding, which is owned by the current management team who will remain with the business and join SIG.