Fläkt Woods, a leading air technologies solutions provider for HVAC systems, and DencoHappel, a leading technology innovator in air treatment, air conditioning, filter technology and cooling process air, completed their merger on 13 October.
The combined company will operate under the ‘FläktGroup’ name, complemented by a portfolio of strong product brands. European antitrust authorities cleared the transaction in September 2016, fulfilling the conditions necessary for closing.
In June 2016, funds advised by Triton, which acquired DencoHappel in October 2014, signed an agreement to acquire Fläkt Woods Group from Equistone and Sagard. Following the merger between Fläkt Woods and DencoHappel, Triton remains the majority owner of the newly formed FläktGroup.
This merger will create a new European group for energy efficient air technology solutions, providing customers with the highest quality standards for improved air comfort and well-being. The combined company generated revenues of approximately EUR 700 million (pro forma) in 2015, and has approximately 3,800 employees. Triton expects the combination to be earnings accretive immediately with further upside potential from cross-selling, manufacturing and other synergies.
Dr Walter Rohregger, ceo of FläktGroup, said: “As a global company with strong European roots and with the combined strengths of Fläkt Woods and DencoHappel, FläktGroup will be able to better serve our customers with a broader product range and an expanded sales, service and manufacturing footprint.”
The merger of is an important milestone in the history of both companies and a new beginning as a leading energy efficient indoor air technology solutions company. It is also expected to have a strong positive effect on the product offering, enabling the new company to serve its combined customer base with one of the most complete and innovative product offerings in the industry. In addition, the combined company is expected to benefit from its larger scale, sharing of best-in-class technical know-how and R&D expertise, as well as the ability to attract, train and retain top talent.