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 extraction 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.