United Kingdom │ Switzerland
Greenwood Air Management is acquired by Zehnder Group AG

M&A International Inc.’s member in the UK, Cavendish Corporate Finance, advised Aliaxis SA on the sale of Greenwood Air Management Ltd to Zehnder Group AG.

Greenwood has a turnover of around £15 million and provides ventilation products primarily to the domestic housing market in the UK. Cavendish worked with Aliaxis and Greenwood for six months contacting more than 40 strategic and financial buyers, many with the help of other M&A International members. Our London-based member approached Zehnder as part of a highly structured auction process which generated serious interest from strategic buyers in the UK and Europe. Zehnder emerged as the preferred bidder from the shortlist of four parties at the data room stage due to the strategic value they saw in adding ventilation solutions to their core heating product range.

Zehnder Group is a leading designer and manufacturer of heating and sanitary equipment. Zehnder first entered the market for modern domestic ventilation in 2001 and since then has established a leading position in Switzerland, Germany, the Benelux countries and Italy. In acquiring Greenwood the Zehnder Group has now established a position in the UK residential ventilation market, which is in line with its strategy of focusing on selected growing market niches.

Philip Barker, lead advisor on the transaction, commented:
"We were delighted to help find a suitable buyer for Greenwood and to secure an excellent deal for its stakeholders."