Lindab International

Airmaster is a fast-growing Danish manufacturer of products for decentralised ventilation. The most important markets today are Germany, Denmark, Benelux, Norway and France. The company had sales of 356 MDKK in 2022 with an operating margin of 18 percent. Airmaster has achieved an average sales growth exceeding 10 percent per annum since 2015.

Decentralised ventilation is an energy-efficient way to ventilate buildings, especially suitable for renovation projects. By installing fresh air ventilation in each room, there is no need for ventilation ducts or a central system. The technology is particularly suitable in properties where ducting can be difficult, such as in older buildings, or where only part of the building is being renovated. Airmaster's new AMX product is also equipped with an integrated heat pump that enables both cooling and heating for optimal indoor comfort.

Buildings account for around 40 percent of total energy consumption in the EU. Ventilation is one of the areas with the highest potential to reduce energy consumption when renovating. Currently, only 1 percent of all buildings are renovated annually, and the renovation rate needs to increase significantly for the EU to meet its climate targets. Property owners prefer renovation solutions that have minimal impact on the existing building and strive to avoid tenant relocation. Decentralised ventilation offers an attractive and efficient option.

"With Airmaster we establish a new product area with focus on decentralised ventilation. We are very pleased to welcome a well-managed company with such an interesting technology, and an established customer base in several countries.", says Ola Ringdahl, President and CEO of Lindab. "Renovation, with a focus on energy efficiency, is an attractive growth area. Together with Airmaster, we become even stronger in smart products that reduce energy consumption while creating a healthy indoor climate. Lindab has previously communicated an ambition to reach SEK 20 billion in sales by 2027. Our goal is that the product area for decentralised ventilation will by then amount to approximately SEK 2 billion, through a combination of organic growth and acquisitions."

Airmaster was founded in 1991 by Kim Jensen and Henrik Stæhr, who remain the main owners until today. The founders have a passion for technology, which has resulted in the company's leading position in decentralised ventilation. Kim Jensen, who is also the company's CEO, will continue to lead Airmaster as part of Lindab together with his management team. Airmaster has direct sales in Denmark, Benelux and Norway and sells mainly through distributors in other markets. The company has its head office, R&D department and production in Aars on Jutland in Denmark and has approximately 200 employees.

"Airmaster and Lindab fit very well together," says Kim Jensen, CEO and co-founder of Airmaster. "We have many similarities in how we think about quality, customer focus and the long-term strategy, which was important for us when choosing our future owners. We have an exciting journey ahead of us and we very much look forward to continue growing as part of Lindab."

Lindab has today signed an agreement to acquire Airmaster A/S. Closing is expected during the first quarter of 2024, after competition review. Lindab acquires 100 percent of the company, on a cash and debt free basis, for a fixed purchase price of 650 MDKK (990 MSEK), which is paid at closing. An earn-out consideration will be paid if Airmaster reaches ambitious earnings targets for 2024 and 2025. The earn-out can amount to a maximum of 400 MDKK (610 MSEK) and will be settled in 2026. The acquisition is financed through existing credit facilities and newly raised loans.

Read more about Airmaster on their website: https://www.airmaster-as.com/