Building supplier SIG buys Dutch firm to strengthen position in mainland Europe

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​BUILDING materials supplier SIG has bought Dutch air conditioning firm Inatherm for up to £6m.

SIG, which has operations in Leeds, said it would buy the specialist distributor for an up-front cash payment of £3.8m plus a deferred cash consideration of £600,000 payable in January 2016.

It will also pay an earn-
out cash consideration of up 
to £1.6m dependent on the 
performance of the business over the period to December 2016.

Inatherm made a pre-tax profit of £480,000 in the year to December 31 and gross assets at the end of 2013 were £1.45m.

SIG said the infill acquisition will strengthens its position in the mainland European air handling market, where it already has a significant presence through Air Trade Centre and Ouest Ventil.

Air Handling units are ​used to manage the supply and extract​ion​ of conditioned air into large spaces such as offices, retail, leisure centres and schools.

Inatherm is owned by the current management team who will remain with the business and join SIG.​ SIG​‘s chief executive Stuart Mitchell​ reported a 9.4 per cent jump in revenue from continuing operations ​in​ the first four months of ​2014, as a string of small acquisitions mitigated the impact of a strong pound. The company made eight acquisitions last year​.

Graham Pearce of KPMG

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