He continued: “This acquisition gives us a market leading position in grilles and diffusers, enhancing our ability to serve our customers with a full offering for high indoor environmental quality.

“Waterloo’s strong sales and engineering competence are a great fit with Swegon and will strengthen our commitment to provide a range of full system solutions with superior customer service, as well as top quality custom room products.”

Russell Shenton, managing director at Waterloo, commented: ”Becoming part of the Swegon Group will give us access to additional resources and provide the capability to accelerate our growth. Our product range is the perfect complement to Swegon’s overall offering and will allow both businesses to develop and grow.”

Speaking on behalf of the sellers, former director and shareholder Ron Edmondson, said: “We feel happy that Waterloo has found the best possible home to continue its development and that the customers and employees are in safe hands.”