European heating technology company NIBE Industrier AB has reached an agreement to acquire six subsidiaries of Enertech Group Ltd.
European heating technology company, Sweden-based NIBE Industrier AB has reached an agreement to acquire six subsidiaries of UK-headed Enertech Group Ltd. Enertech Group Ltd is a privately-held holding company that owns a group of businesses which develop, manufacture and market leading heating technology products worldwide. The group of companies to be divested to NIBE consists of CTC Ferro Fil AS (Norway), CTC Giersch AG (Switzerland), Enertech AB (Sweden), Enertech Belgium SPRL (Belgium), Enertech Ltd (UK) and the operations of Enertech GmbH (Germany). The acquired group span a wide range of geothermal and air/water heat pumps, solar energy and biomass heating appliances, as well as traditional oil and gas burners. Combined the companies had sales 2015 of around GBP 72.7 million. The transaction is subject to approval by anti-trust authorities in Sweden and Germany, from whom a decision is expected later this year.
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