Lindab has signed an agreement to acquire Airmaster, a leading European company in decentralised ventilation.
With the acquisition, Lindab establishes a new product area within the Group.
Airmaster is a fast-growing Danish manufacturer of products for decentralised ventilation. The most important markets today are Germany, Denmark, Benelux, Norway and France.
Airmaster has achieved an average sales growth exceeding 10 per cent per annum since 2015.
Decentralised ventilation is an energy-efficient way to ventilate buildings, especially suitable for renovation projects.
By installing fresh air ventilation in each room, there is no need for ventilation ducts or a central system.
The technology is particularly suitable in properties where ducting can be difficult, such as in older buildings, or where only part of the building is being renovated. Airmaster's new AMX product is also equipped with an integrated heat pump that enables both cooling and heating for optimal indoor comfort.
Buildings account for around 40 per cent of total energy consumption in the EU. Ventilation is one of the areas with the highest potential to reduce energy consumption when renovating.
Currently, only one per cent of all buildings are renovated annually, and the renovation rate needs to increase significantly for the EU to meet its climate targets.
Property owners prefer renovation solutions that have minimal impact on the existing building and strive to avoid tenant relocation. Decentralised ventilation offers an attractive and efficient option.
President & CEO of Lindab, Ola Ringdahl, praised Airmaster’s technology and established customer base.
"Renovation, with a focus on energy efficiency, is an attractive growth area. Together with Airmaster, we become even stronger in smart products that reduce energy consumption while creating a healthy indoor climate,” he said.
“Our goal is that the product area for decentralised ventilation will by then amount to approximately SEK 2 billion, through a combination of organic growth and acquisitions."
Airmaster was founded in 1991 by Kim Jensen and Henrik Stæhr, who remain the main owners until today.
Kim Jensen, who is also the company's CEO, will continue to lead Airmaster as part of Lindab together with his management team. Airmaster has direct sales in Denmark, Benelux and Norway and sells mainly through distributors in other markets.
The company has its head office, R&D department and production in Aars on Jutland in Denmark and has approximately 200 employees.
Airmaster CEO, Kim Jensen, said Airmaster and Lindab fit well together.
"We have many similarities in how we think about quality, customer focus and the long-term strategy, which was important for us when choosing our future owners. We have an exciting journey ahead of us and we very much look forward to continue growing as part of Lindab,” Jensen said.
Lindab acquires 100 per cent of Airmaster with closing expected in the first quarter of 2024.