Lindab to acquire Airmaster to boost decentralised ventilation offerings

In a significant move within the HVAC (Heating, Ventilation, and Air Conditioning) industry, Lindab has officially announced its agreement to acquire Airmaster A/S, a prominent Danish company known for its innovative decentralised ventilation products. The acquisition is not just a transaction but marks the establishment of a new product area within Lindab, underlining the company’s strategic pivot towards decentralised ventilation—a market with a forecasted sales target of SEK 2 billion by the year 2027.

Airmaster, renowned for its rapid growth and significant market presence in countries such as Germany, Denmark, the Benelux countries, Norway, and France, reported sales of 356 MDKK in 2022, showcasing an operating margin of 18 percent. The company has been on an upward trajectory, with sales growth averaging over 10 percent annually since 2015. This growth is reflective of Airmaster’s commitment to innovation and excellence in the field of decentralised ventilation, a technology that offers energy-efficient solutions for building renovations by eliminating the need for extensive ductwork.

The acquisition deal, valued at 650 MDKK (approximately 990 MSEK) on a cash and debt-free basis, is expected to close in the first quarter of 2024 following a competition review. Additionally, an earn-out consideration tied to Airmaster’s earnings targets for 2024 and 2025 could increase the total deal value by up to 400 MDKK (610 MSEK), to be settled in 2026. Lindab plans to finance this acquisition through existing credit facilities and newly raised loans, highlighting the strategic importance of this investment.

Decentralised ventilation, as emphasized by both Lindab and Airmaster, is pivotal in the quest for energy efficiency within the EU, where buildings account for about 40% of total energy consumption. With only 1% of buildings undergoing renovations annually, the adoption of decentralised ventilation could significantly reduce energy consumption and contribute to meeting the EU’s ambitious climate targets.

Ola Ringdahl, President and CEO of Lindab, and Kim Jensen, CEO and co-founder of Airmaster, both expressed their enthusiasm for the acquisition. Ringdahl emphasized the alignment with Lindab’s goal of reaching SEK 20 billion in sales by 2027, with decentralised ventilation expected to be a key contributor. Jensen highlighted the shared values and long-term strategic vision between Airmaster and Lindab, underscoring the potential for growth and innovation as part of the Lindab Group.

This acquisition not only signifies a major step forward for Lindab in diversifying its product offerings but also reinforces the company’s commitment to sustainable building practices and energy efficiency. As the industry continues to evolve, the synergy between Lindab’s extensive market presence and Airmaster’s technological innovation is set to play a crucial role in shaping the future of ventilation solutions.

The agreement between Lindab and Airmaster marks a milestone in the HVAC industry, promising to enhance the capabilities of both companies in serving their customers with cutting-edge, energy-efficient ventilation solutions. As the deal progresses towards closure, the industry watches eagerly, anticipating the innovative developments this partnership will bring to the market.

The acquisition of Airmaster by Lindab represents a strategic consolidation in the HVAC industry, reflecting the growing emphasis on sustainability and energy efficiency in building technologies. Decentralised ventilation is at the forefront of innovation, offering significant benefits for both new constructions and renovations. This partnership is poised to accelerate the adoption of energy-saving ventilation solutions, contributing to the broader goals of reducing energy consumption and enhancing indoor air quality across Europe. The strategic foresight of Lindab in targeting a niche yet rapidly growing segment underscores the company’s adaptability and commitment to sustainability, positioning it as a leader in the future of HVAC solutions.