- Indoor air quality solutions provider Volution said it had signed an agreement to acquire Energy Recovery Industries, a manufacturer and supplier of low-carbon, energy efficient heat exchanger cells, for up to €35.8 million.

ERI designs and manufactures a range of innovative and highly efficient aluminium heat exchanger cells for use primarily in commercial heat recovery ventilation systems.

'A comprehensive and pre-existing expansion plan is in progress which will include the acquisition of adjacent land, extension of the factory and further investment in machinery and automation, to support ERI's growth ambitions,' the company said.

'Sales and distribution entities in Italy, Spain and the U.K. also form part of the transaction, and the founding major shareholder Umberto Fiorentini and his senior management team will remain with the business and continue to lead it post completion,' it added.

For the financial year ended 31 December 2020, ERI generated revenue of €11.3 million and pre-tax profit fo €2.0 million, with gross assets of €7.6 million.

Completion of the transaction is conditional on approval of the Merger Authority in North Macedonia, and is expected to take approximately four to six weeks.

Story provided by