FTSE 250-listed ventilation manufacturer Volution Group PLC (LSE:FAN) has agreed to acquire Aussie group Fantech Australasia from UK parent company Elta Group for AUD$220 million (£112.9 million).
Volution will takeover the full suite of Fantech’s brands, which include Ideal Air, NCS Acoustics, Air Design, Major Air, Systemaire and Burra Steel.
Ronnie George, Volution’s chief executive, stated: "This acquisition, our largest to date, gives Volution a great platform to continue our growth in Australasia.
“We are excited by the opportunities available to us through owning such a well-respected and successful group of brands.
“The combination of Fantech's strong and longstanding trading in the region with greater access to Volution's wide product portfolio gives us an enviable platform for growth."
The acquisition will become immediately earnings accretive, said Volution, and the business is expected to comprise over 30% of Volution’s total revenues.
Fantech generated revenues of AUD$177.0 million (£90.8 million) in its latest financial year.