Aquaa Partners advises Zehnder Group on its acquisition of Canadian ventilation company Airia Brands Inc.

Aquaa Partners is pleased to announce its role as exclusive financial advisor to the Zehnder Group on its acquisition of Airia Brands Inc.

The Zehnder Group improves quality of life with comprehensive indoor climate solutions. The globally active company develops and manufactures its products in 18 plants, including 3 in China and 3 in North America. Its sales activities, spanning more than 70 countries, take place through local sales companies and representative offices.

Airia Brands Inc. (Airia), based in London, Canada (province of Ontario), has been active in the development, manufacturing and distribution of heat recovery ventilation systems for more than 35 years. These are marketed across both Canada and the USA under the established Lifebreath brand and are primarily used in residential construction. The company has approximately 150 employees, and in 2021, it generated revenue of around CAD 55 million (EUR 38 million).

The company located in London, the familiar Lifebreath brand, as well as the employees, including the operational management team will be retained.

Expansion of the ventilation business in North America

The ventilation business area accounts for roughly one third of Zehnder Group’s sales in North America and has recorded significant growth rates over the last three years. Energy-efficient construction is becoming more and more important. At the Zehnder Group site in Buffalo NY (USA), the product was further adapted to local needs and assembly was expanded.

“Zehnder Group and Airia – it’s a perfect match for us. The Lifebreath brand stands for healthy, energy-efficient and environmentally friendly indoor climate solutions, just like the Zehnder brand. With the acquisition of Airia, we are significantly expanding our market position in North America, and we intend to grow even further in the future,” explains Matthias Huenerwadel, CEO of Zehnder Group.

Paul Cuatrecasas, CEO of Aquaa Partners, comments: “The Zehnder Group management team was committed from day one to make this a win-win transaction for everyone. Our team thoroughly enjoyed advising the Zehnder Group on this promising synergistic deal.”

With the two segments, Europe and China & North America, the Zehnder Group was previously classified according to geographical regions. The acquisition of Airia will significantly increase the share of ventilation sales in total sales in North America. Worldwide, the ventilation business already contributes more than half of Zehnder Group’s sales.

The official press release of the transaction is here.

Aquaa Partners acted as exclusive financial adviser to Zehnder Group.