NIBE acquires majority stake in FPI Fireplace Products International Ltd
NIBE Industrier AB has announced that it has acquired 65 percent of the shares in FPI Fireplace Products International Ltd with option to complete the acquisition in instalments by 2022.
NIBE Industrier AB, a Sweden-headed heating appliance developer and manufacturer has announced that it has acquired a 65 percent stake in FPI Fireplace Products International Ltd (FPI). The remaining 35 percent of the shares are covered by options and can be acquired in different instalments until 2022.
Based in Vancouver, Canada, FPI was founded in 1979 by Robert Little, who is still the company’s main shareholder. Operations include product development, production and marketing headquartered in Vancouver and a sales company in Melbourne, Australia. The company has about 380 employees and sales of about CAD 90 million with an operating margin of 13 percent.
– It seems obvious that even the NIBE Stoves business area should have a platform in the North American market, just like our two other business areas. FPI is one of the leading players in our industry in North America and has a complete range of products for gas, wood and pellets, said Gerteric Lindquist, Managing Director and CEO of NIBE Industrier.
FPI has a well-developed distribution network of dealers in the US and Canada. Through its own sales company in Australia FPI has also acquired a leading position in that market. The products are sold and marketed under well-known brands such as Regency, Hampton and Excalibur.
– Robert Little, with his strong entrepreneurship and great enthusiasm, has created a successful business, and we will continue to run operations in the same spirit together with him and the current management team who are also shareholders in the company, said Gerteric Lindquist.
FPI will be included in the NIBE Stoves business area and will be consolidated into NIBE from 1 November 2016.