Waterloo Air Products, a leading manufacturer of grilles and diffusers in the UK, has been bought by Swegon, the Swedish manufacturer of ventilation and indoor climate products.
Founded in 1961 and based in Kent, Waterloo has 140 employees and last year recorded net sales of £12m.
Swegon has acquired Waterloo to strengthen its position in the UK market and give it a leading position in the grilles and diffusers sector.
London and Yorkshire based FDS provided corporate finance advice to the sellers with law firm Irwin Mitchell providing legal support. Award-winning Poonam Kaur, managing director at FDS, said: “We are delighted that we have been able to advise on such a successful transaction. It has resulted in Swegon being the ideal home for the business, alongside achieving a fantastic result for the departing shareholders.”
Dan Bastide, corporate partner at Irwin Mitchell, said: “Waterloo Air Products is a great example of a UK manufacturer that has developed into a very successful market leading business. This deal provides a great opportunity for the company to keep growing and will be a great addition to Swegon’s portfolio.”
Speaking on behalf of the sellers, former director and shareholder, Ron Edmondson added: “Poonam’s advice, tenacity, attention and optimism has been exemplary. We feel happy that Waterloo has found the best possible home to continue its development and that the customers and employees are in safe hands. This would not have been possible without the support of FDS and Irwin Mitchell.”
Hannu Saastamoinen, CEO at Swegon Group, said: "The UK as the second largest ventilation market in Europe has long been a priority for Swegon with previous successful UK acquisitions contributing well to the overall growth and profitability of the group. This acquisition gives us a market leading position in grilles and diffusers, enhancing our ability to serve our customers with a full offering for high indoor environmental quality.
“Waterloo’s strong sales and engineering competence are a great fit with Swegon and will strengthen our commitment to provide a range of full system solutions with superior customer service, as well as top quality custom room products”.