ABN AMRO Capital is acquiring Volution Holdings, a UK ventilation business, from Montagu Private Equity. The price has not been disclosed but is thought to be in the region of £160m.
The deal is expected to complete in August, after which point ABN AMRO Capital will own a 69.6% stake in Volution. The company’s management team will hold the remainder of the equity. RBS will provide senior, second lien and mezzanine debt.
ABN AMRO’s Dominic Collier and Andrew Moye led the deal and will sit on the board as non-executive directors. A non-executive chairman will be appointed to oversee and help develop the group’s strategy.
Montagu acquired Volution in 2002 when it backed an MBO led by current CEO Kevin Sargeant from Smiths Industries.
Volution’s largest operation is Vent-Axia, the UK’s leading branded ventilation business. Vent-Axia supplies a comprehensive range of ventilation products and is the market leader in the UK for both residential and commercial/industrial electrical fans.