Gränichen (CH), 18 February 2022: Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions for a healthy indoor climate, is acquiring the Canadian ventilation company, Airia Brands Inc., which is known under the Lifebreath brand.

The company Airia Brands Inc. and its brand Lifebreath

Airia Brands Inc. (Airia), based in London, Canada (province of Ontario), has been active in the development, manufacturing and distribution of heat recovery ventilation systems for more than 35 years. These are marketed across both Canada and the USA under the established Lifebreath brand and are primarily used in residential construction. The company has approximately 150 employees, and in 2021, it generated revenue of around CAD 55 million (EUR 38 million).

The company location in London, the familiar Lifebreath brand, as well as the employees, including the operational management team will be retained.

Expansion of the ventilation business in North America

The ventilation business area accounts for roughly one third of Zehnder Group's sales in North America and has recorded significant growth rates over the last three years. Energy-efficient construction is becoming more and more important. At the Zehnder Group site in Buffalo NY (USA), the product range was further adapted to local needs, and assembly was expanded.

'Zehnder Group and Airia - it's a perfect match for us. The Lifebreath brand stands for healthy, energy-efficient and environmentally friendly indoor climate solutions, just like the Zehnder brand. With the acquisition of Airia, we are significantly expanding our market position in North America, and we intend to grow even further in the future,' explains Matthias Huenerwadel, CEO of Zehnder Group.

The contract was signed on 18 February 2022. The completion is scheduled to take place in the next few days after the closing conditions have been fulfilled. The parties have agreed not to disclose the purchase price. Aquaa Partners (UK) acted as financial advisor to Zehnder Group.

Change in segment reporting

With the two segments, Europe and China & North America, the Zehnder Group was previously classified according to geographical regions. The acquisition of Airia will significantly increase the share of ventilation sales in total sales in North America. Worldwide, the ventilation business already contributes more than half of Zehnder Group's sales.

In view of the growth of the ventilation business and in line with the strategy of 'growth of ventilation business, harvest in radiators', Zehnder Group is reorganising its segment reporting according to business areas as of the financial year 2022. The ventilation segment covers the three product lines for ventilation, heat exchangers and clean air solutions. The radiator segment comprises two product lines: radiators and climate ceilings. The new segment reporting will be included for the first time in the Six-month Report 2022.

Next dates to note

Contact

René Grieder
Member of the Group Executive Committee, CFO
Zehnder Group AG, 5722 Gränichen (Switzerland)
T +41 62 855 1521, rene.grieder@zehndergroup.com

This media release is published in German and English. The German version is binding. For further information about the Zehnder Group, please visit www.zehndergroup.com.

Company profile

The Zehnder Group improves quality of life with comprehensive indoor climate solutions. The globally active company develops and manufactures its products in 18 plants, including 3 in China and 3 in North America. Its sales activities, spanning more than 70 countries, take place through local sales companies and representative offices.

Zehnder Group products and systems for heating and cooling, comfortable indoor ventilation and air cleaning are characterised by outstanding design and high energy efficiency. The Group is among the market and technology leaders in its business areas with brands such as Zehnder, Acova and Core.

The Zehnder Group has had its headquarters in Gränichen (CH) since 1895. It employs around 3,500 people worldwide and achieved sales of EUR 697 million in 2021. The company is listed on the SIX Swiss Exchange (symbol ZEHN/number 27 653 461). The unlisted registered shares B are held by the Zehnder family and persons closely associated with them.