Volution has agreed to acquire Fantech Group in Australasia from UK-based Elta Group for £144m.

The international designer and manufacturer of energy efficient indoor air quality solutions will initially pay £112.9m on a debt/cash free basis, with a further consideration of £30.8m, which will be paid 12 months after the completion date.

For the financial year ended 31 March 2024, Fantech, which is a provider of both commercial and residential ventilation in Australia and commercial ventilation solutions in New Zealand, reported £90.8m in revenue and an EBITDA of £17.1m. The firm includes the Fantech, Ideal Air, NCS Acoustics, Air Design, Major Air, Systemaire and Burra Steel brands.

Volution said that the acquisition will "enhance" its market position in the Australian region, extending its reach into new end market applications, with particular emphasis on the commercial sector.

Following completion of the deal, Australasia will represent over 30% of Volution’s revenue.

Furthermore, in Australia, the group will combine its existing leading range of low energy ceiling fans, trading as Ventair, with Fantech.

Chief executive officer at Volution, Ronnie George, said: "This acquisition, our largest to date, gives Volution a great platform to continue our growth in Australasia. We are excited by the opportunities available to us through owning such a well-respected and successful group of brands.

"Fantech is a leading provider of commercial ventilation solutions in Australia and New Zealand, and complements our existing local market positions in Ventair, Simx and DVS Proven Systems very well.

"I would like to welcome our 350 Fantech colleagues to Volution and I look forward to working closely with them once the acquisition completes. The combination of Fantech's strong and longstanding trading in the region with greater access to Volution's wide product portfolio gives us an enviable platform for growth."

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