Sweden-headed heating appliance developer and manufacturer, NIBE Industrier AB has announced that it has acquired 83 percent of the shares in the Portuguese biomass stove and heating appliance company Solzaima – Renewable Energy Equipment, with the remaining shares to be acquired by 2028.
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Founded in 1978, Solzaima has a very wide heating product range consisting primarily of pellet products, as well as wood-fired products for both secondary and primary heating.
The company has a strong market position in Portugal but has also built a strong market position in Spain and France.
Employing 200 staff, Solzaima has a turnover of just over EUR 20 million and an operating margin of well above 10 percent.
The acquisition of Solzaima enables us to gain a proper foothold in the pellet products market. Since pellet products account for the bulk of the market in Southern Europe, Solzaima will play a significant part in our future expansion. The company’s sales predominantly focus on the Iberian Peninsula, which means it also complements us perfectly geographically, said Gerteric Lindquist, Managing Director and CEO of NIBE Industrier.
Solzaima will form part of the NIBE Stoves business area and consolidated with NIBE from September 1, 2023. The purchase price has not been disclosed as the acquired business will only constitute a small part of the NIBE Group.
Solzaima has strong management with extensive experience in our industry. It is gratifying that they will retain a share in the company for another five years to continue to develop operations together with us, which is completely in line with our company philosophy, ended Gerteric Lindquist.
