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Imtech buys NVS and targets further growth in Scandinavia

Swedish HVAC and technical services specialist NVS has been bought by Imtech for 235 million Euros (£190mill).

NVS has a strong position in the heating, ventilation and air conditioning market in Scandinavia, particularly Sweden and Norway, while preventive and corrective servicing and maintenance also accounts for 30 per cent of total revenues.

It employs 2,300 staff across more than 90 sites and is expecting to secure revenues of 350 million Euros (£281mill) in the current financial year.

Imtech says the acquisition is part of its strategic plan to achieve annual revenues of 5 billion euro (£4bill) in 2012 and establishes a basis for further growth in Scandinavia, both organically and through additional acquisitions.

René van der Bruggen, Imtech chairman, said: 'The acquisition of NVS represents a real breakthrough for us. Last year we drew up a strategic plan for achieving annual revenues of 5 billion euro in 2012.

“One of the growth axes in the plan is to obtain a strong position in Scandinavia, a region where at present Imtech is only modestly active.

“NVS focuses on a wide range of fast-growing and diversified activities within the fields of energy, air conditioning and climate technology, with an excellent spread across service, maintenance, management, renovation and new technology implementations.

“In the fragmented Scandinavian market, this focus will enable further short-term growth by additional acquisitions in electrical engineering and long-term growth by additional acquisitions in ICT.

“In fact we are on the threshold of a similar and successful path which Imtech has followed in Germany by the acquisition of a strong mechanical engineering company, completed with electrical engineering and ICT activities, by which Imtech can now offer a multi-disciplinary service packages to its customers.

“Moreover, NVS is an excellently managed company with motivated management, a high margin, strong cash generation, an active acquisition policy and an outstanding track record when it comes to growth.

“Besides further growth in Scandinavia, NVS is for the longer term aiming at the Baltic states, a region where Imtech does not yet hold a position.'

Håkan Bergkvist, Chief Executive Officer of NVS, said: 'NVS and Imtech fit very well together and the acquisition by Imtech represents an immense opportunity for NVS.

“Our customers will immediately benefit from increased capabilities and depth of service offering through the combination.

“NVS will also be able to accelerate its growth strategy including further acquisitions in the region, geographic expansion and entry into adjacent disciplines such as electrical installation, control and steering systems as well as ICT. Above all, the acquisition by Imtech provides tremendous career opportunities for NVS employees.'

The deal will be financed with a loan secured with a syndicate of banks and Imtech says it will still be in a position to make further acquisitions in the immediate future.

The entire management team of NVS will stay on after the acquisition to guarantee continuity.