Nibe Industrier Buys Climate for Life, Valuing Dutch Group at $688 Million

By Dominic Chopping

STOCKHOLM--Swedish heating technology company Nibe Industrier AB said Monday it has agreed to buy Dutch group Climate for Life from current shareholders, including majority shareholder Parcom and co-investor Smile Invest, in a deal that values the company at 640 million euros ($688 million).

Climate for Life is a developer, producer and seller of energy-efficient solutions in heating and cooling, hot water, ventilation and control technology, maintaining a strong position in the Dutch residential and commercial market, it said.

The company is active in the Netherlands and Belgium and had annual sales of EUR221 million with earnings before interest, tax, depreciation and amortization of EUR40 million in 2022, corresponding to an Ebitda margin of 18.1%. It is headquartered in Tiel in the Netherlands.

The deal is subject to customary regulatory approvals and consolidation with Nibe is expected to take place from, Sep. 1.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 12, 2023 03:34 ET (07:34 GMT)

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