NIBE acquires UK’s market-leading stove and fireplace producer
1/31/2013 5:30 AM EST
NIBE Industrier AB
Company Announcement
NIBE acquires UK’s market-leading stove and fireplace producer
NIBE Industrier AB has reached an agreement to acquire an initial 60% stake in
the Stovax Heating Group Ltd in the UK, prior to taking over the remaining 40%
of the shares in 2016. These newly acquired operations will form part of the
NIBE Stoves business area.
Markaryd, Sweden, 2013-01-31 11:30 CET (GLOBE NEWSWIRE) --
The Stovax Heating Group Ltd, founded in 1981, currently has sales of just over
GBP 36 million (approximately SEK 380 million) and reports an operating margin
of approximately 15%. The company, which has some 260 employees, is the clear
market leader in the UK and also has significant sales abroad.
“With its broad product range of gas-fired and wood-burning products and its
strong position in the UK, Stovax complements our current operations extremely
well,” says Gerteric Lindquist, CEO of NIBE Industrier.
“Stovax also has a highly competent and experienced management team that has
guided the company through a long period of strong growth and sustained levels
of good profitability. For this reason, it feels only natural to allow the
current management to remain in place and to run the company as an independent
operation under the NIBE Stoves umbrella.
“The acquisition of Stovax propels NIBE Stoves into a position as Europe’s
undisputed market leader for heating stoves and related products, while also
providing a firm platform for future expansion into new markets.”
Guy Brook, the former Chairman of Stovax, commented, “I am pleased that as part
of NIBE Stoves, Stovax will continue with its British management, design and
development and production teams, and also have the opportunity to expand into
export markets.”
Morley Sage, the Stovax Group’s CEO, added, “There is a natural fit between the
Stovax Group and NIBE Stoves as the businesses have concentrated on different
markets, and Stovax also brings gas and electric fire technology to NIBE
Stoves.”
Operations will be consolidated in the NIBE Group with effect from 1 February
2013.
For further information, please contact
Mr Benny Torstensson, Information Manager: tel. +46 (0)433-73 070