Plastic pipe manufacturer Polypipe has purchased ventilation manufacturer Nuaire for a cash consideration of £145m, it has been announced.
Announced yesterday morning, it was stated that the purchase will be funded through a combination of new debt and existing cash from the balance sheet.
It is expected that Polypipe will complete the deal with Nuaire owner Electra Partners by the end of this month.
Advantages of the deal were listed as providing additional market reach through a specification-led business model, as well as broadening the Polypipe product offering.
The company’s chief executive David Hall was quoted as saying: “We have long been an admirer of Nuaire and this acquisition provides a perfect fit for us.”
He said the deal would considerably expand his company’s product platform and reach within the “growing ventilation sector”.
“Nuaire will continue to operate as an independent division, as we leverage the capabilities of the combined group to drive growth, bringing more choice to our broader customer base,” said Mr Hall.
Nuaire chief executive Mark Huxtable said his company was “delighted to be joining Polypipe.
“The companies share many characteristics, including a similar culture and philosophy, and together we will be better placed to tap into the excellent prospects for the sector.”