PRESS RELEASE
London, 19 January 2012 - TowerBrook Capital Partners L.P. ("TowerBrook"), a leading international investment management firm, announces that it has agreed to acquire Volution Group Limited ("Volution" or the "Company") from AAC Capital UK. Volution is a leading UK manufacturer and distributor of ventilation products, based in Crawley, UK.
Vent-Axia, the Company's principal brand, was founded in 1936 and Volution Group Limited was formed in 2002. The Company's broad product range includes residential, commercial and industrial electrical fans and systems and other ventilation related products. Volution's core brands, Vent-Axia, Manrose and Torin-Sifan, are the leading brands in the UK ventilation sector. Volution's market share is supported by its best-in-class sales force and comprehensive coverage of its distribution channels.
The European ventilation industry is expected to greatly benefit from growing demand for ventilation products driven by future tightening of building regulations. Volution is a leading innovator in energy-saving, low-carbon products and systems. As such, Volution presents an ideal platform for future growth and consolidation within the highly fragmented European ventilation market.
Ronnie George, Volution CEO, commented: "This is a fantastic opportunity for Volution as we seek to create the next phase of growth for our company. We are proud of our market share in the UK and of our well regarded brands and we look towards TowerBrook to help us in broadening this in the UK and internationally in order to achieve the full growth potential of our Company. TowerBrook clearly understand and value our operation and we are excited to work together as partners."
Patrick Smulders, TowerBrook Managing Director, said: "We are very much looking forward to partnering with Volution as we seek to capitalize on their superior sector experience. Volution is a leader in its market segment and has a strong management team. We believe the company has tremendous capacity to grow and we look forward to working with Ronnie George and his team over the coming years." Completion is expected on 3rd February 2012. TowerBrook was advised by Weil, Gotshal & Manges, E&Y, Lansdowne Capital and Lincoln International, whilst the Company was advised by BDO and Stevens-Bolton. AAC Capital UK was advised by CMS Cameron McKenna and DC Advisory Partners.
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For further information:
Gill Ackers/Charlotte Kenyon
Brunswick Group LLP +44 (0)20 7404 5959
About TowerBrook Capital Partners
TowerBrook Capital Partners L.P. is an investment management firm with approximately US$5 billion under management and a track record of creating value for investors. The firm is based in Europe and the USA and focuses on making investments in European and North American companies. TowerBrook primarily pursues control-oriented investments in large and middle market companies, partnering with highly capable management teams and seeking situations characterised by complexity.
About Volution
Headquartered in Crawley, Volution supplies a range of ventilation products to improve the built environment with an emphasis on energy efficient solutions. Volution's largest operation, Vent-Axia, is the UK's leading branded ventilation business and the UK market leader in energy efficient residential ventilation and heat recovery products.
The group also incorporates the Torin-Sifan OEM fan and blower supplier, the UK's only manufacturer of low energy EC motors focussing on HVAC applications. Within the Vent-Axia division, Volution also supplies a broad range of domestic and commercial fans and ducting to both new-build and R&M markets in the public and private sectors.