NIBE Industrier AB has signed an agreement to acquire 51% of the shares in Dutch company Nathan Holding B.V. and the remaining shares in two stages.
NIBE Industrier AB has signed an agreement to acquire 51% of the shares in Dutch company Nathan Holding B.V. and the remaining shares in two stages.Nathan was founded in 1984 and is a distributor for the Benelux countries specialising in sustainable heating and cooling solutions. The business has annual sales of approximately EUR 50 million (approximately SEK 520 million) with an operating margin of just over 6%.
Business is conducted in Zevenaar in the Netherlands, and Nathan has long been a distributor of heat pumps from our German subsidiary AIT Deutschland in the fast-growing Dutch market.
- “Nathan further strengthens our market position in the European heat pump market, especially in the fast-growing market in the Netherlands but also in Belgium and Luxembourg," says Gerteric Lindquist, CEO of NIBE Industrier.
- “Our collaboration with AIT Deutschland will deepen, but the acquisition will also entail interesting future synergies and growth opportunities together with other companies in the Group.”
The transaction requires the customary approval of the competition authority concerned.The company will be part of the NIBE Climate Solutions business area and consolidation with NIBE is expected to be as from 1 April 2020. The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.