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Colfax buys Fläkt Woods’ industrial fans business

10 September, 2013

The US-based Colfax Corporation is buying the Global Infrastructure and Industry (GII) business of the Fläkt Woods Group, subject to certain conditions. The deal values GII at €193m, including the assumption of debt.

GII, with revenues worth $225m and an EBITDA of $27m over the past 12 months, supplies industrial fans and related products, and has operations around the world.

Colfax says the acquisition will complement the geographic and end-market footprint of its Howden business, which supplies air- and gas-handling equipment for applications from heavy-duty fans to rotary heat exchangers and process gas compressors. It will also extend Howden's product portfolio into new segments and applications.

“GII is exactly the type of acquisition we look for,” says Colfax president and CEO, Steve Simms. “It's a great strategic fit, extending Howden's reach into some key long-term markets, and expanding our product bundle into new segments and technologies. In addition, it offers numerous opportunities for synergies. We look forward to welcoming GII's nearly 1,000 associates to the Colfax family.

Colfax is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers under the Howden, Colfax Fluid Handling and Esab brands.

The Fläkt Woods Group was formed in 2002 by bringing together two leading names in the air movement industry, Sweden’s Fläkt (owned until 2001 by ABB) and the UK’s Woods Air Movement (formerly Woods of Colchester, which was earlier owned by GEC). The group includes brands such as Solyvent Ventec, Bahco and American Fan. In 2007, Fläkt Woods was acquired by Sagard, Barclay's Private Equity, ICG and its own management. Since then it has bought Airchal in France and Caryaire Air Management Systems in India, and sold Symor. Its headquarters are in Geneva, Switzerland

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