Systemair has acquired 80% of the Italian company Tecnair LV S.p.A. from LU-VE Group, listed on the Milan Stock Exchange, and the remaining 20% from the Monti family. Tecnair is an international supplier of indoor close control air conditioning units. The products are delivered to hospitals and data centers. The Italian market accounts for about 25 percent of Tecnair's sales and the rest is exported mainly within Europe.
Tecnair specializes in the manufacture of precision cooling products for healthcare applications such as intensive care units, operating theatres, laboratories and data center applications. Tecnair is located in Uboldo outside Milan but will relocate to Systemair's existing premises in Barlassina 15 km from Uboldo. Tecnair's sales in 2021 amounted to EUR 12 million with an EBITDA result of EUR 1.2 million. The company has 43 employees. The transaction requires approval from the Italian authorities and completion is estimated for the end of March 2022.
The agreed purchase price amounts to EUR 15 million on a debt-free basis.
"We see that Tecnair complements Systemair in multiple areas. Tecnair's product range and market presence fits Systemair's product offering well. At the same time, Systemair signs a long-term supply agreement with LU-VE for the supply of heat exchanger coils. We also see good synergies by coordinating production, product development and sales of Tecnair with our existing facility in Barlassina. Through the acquisition we get a stronger market position and good synergies in the field of Air Conditioning products in the European market. ", says Systemair's President and CEO Roland Kasper.
