Transaction

Advised: Zehnder Group on its acquisition of Airia Brands Inc.

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Deal summary

Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions for a healthy indoor climate, is acquiring the Canadian ventilation company, Airia Brands Inc., which is known under the Lifebreath brand. 

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.

The contract was signed on 18 February 2022. The completion is scheduled to take place in the next few days after the closing conditions have been fulfilled. The parties have agreed not to disclose the purchase price. Aquaa Partners (UK) acted as financial advisor to Zehnder Group.

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.

About Zehnder Group

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.

Zehnder Group products and systems for heating and cooling, comfortable indoor ventilation and air cleaning are characterised by outstanding design and high energy efficiency. The Group is among the market and technology leaders in its business areas with brands such as Zehnder, Acova and Core.

The Zehnder Group has had its headquarters in Gränichen (CH) since 1895. It employs around 3,500 people worldwide and achieved sales of EUR 697 million in 2021. The company is listed on the SIX Swiss Exchange (symbol ZEHN/number 27 653 461). The unlisted registered shares B are held by the Zehnder family and persons closely associated with them. 

About Airia Brands Inc.

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

“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,”
Matthias Huenerwadel CEO of Zehnder Group
  • Deal value

    Undisclosed

  • Location

    Switzerland, Canada

  • Date

    Feb 2022

  • Sector(s)

    Manufacturing

  • Deal type

    Acquisition

This deal was made by

Paul Cuatrecasas

Paul Cuatrecasas

Founder & Partner

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