UK-based designer and manufacturer of energy efficient indoor air quality solutions Volution Group has signed an agreement to acquire Slovenia-based peer I-Vent which also operates in Croatia, for an initial consideration of EUR 25.2 million.
For the financial year ended December 31, 2022, I-Vent reported unaudited revenue of EUR 10 million and profit before tax of EUR 3.4 million, with gross assets of EUR 4.7 million euro.
I-Vent designs, manufactures and supplies residential ventilation systems, primarily focused on decentralised heat recovery. The managing director, founder and former 100 percent shareholder, Milan Kuster, will continue to lead the business after the acquisition.
