Lindab Acquires Airmaster, Forms New Ventilation Product Area

Swedish company Lindab has entered an agreement to acquire Airmaster, a prominent European player in decentralised ventilation. The acquisition signals Lindab's expansion into a new product area, with the ambition to achieve SEK 2 billion in decentralised ventilation sales by 2027. Airmaster, a Danish firm, is a rapidly growing manufacturer in this sector, particularly active in Germany, Denmark, Benelux, Norway, and France. With sales of 356 MDKK in 2022 and a robust operating margin of 18 percent, Airmaster's growth has exceeded 10 percent annually since 2015.

Decentralised ventilation is recognized as an energy-efficient solution, especially applicable in renovation projects, aligning with Lindab's focus on smart products that enhance energy efficiency and indoor climate. Lindab aims to reach SEK 20 billion in sales by 2027, with decentralised ventilation contributing significantly. The acquisition, set at a fixed price of 650 MDKK (990 MSEK), is expected to close in the first quarter of 2024, subject to competition review. The founders of Airmaster will continue to lead the company under Lindab's ownership.