Spirax-Sarco Engineering plc, the Cheltenham-headquartered thermal energy management and niche pumping manufacturing company has signed a binding agreement to acquire the Vulcanic Group of Companies(Vulcanic) from Qualium, a French private equity company, for €261.7 million (£225.5 million).
While the transaction will require regulatory approvals in France and Germany, these regulatory approvals and completion are expected during the third quarter of the year.
Vulcanic is a European industrial electric heating group and is the largest supplier in Europe of bespoke industrial electric heating solutions. With its headquarters In Paris, it has 10 manufacturing facilities worldwide and more than 700 employees.
Vulcanic will support the delivery of growth in Spirax Sarco’s Electric Thermal Solutions (ETS) Business through its existing customers, products and operational footprints which are mostly in the EMEA region and will complement its existing Chromalox Business which is mostly focused on the Americas region.
Vulcanic operates a direct sales model to end users and Original Equipment Manufacturers, as well as contractors, and serves a range of markets aligned to the core market sectors of ETS.
Nicholas Anderson, Group Chief Executive, Spirax-Sarco Engineering plc, said: “We are looking forward to welcoming colleagues from Vulcanic into our Group. We have been following Vulcanic for some time and believe the acquisition represents an excellent opportunity to broaden our addressable market and further deploy our industry leading technologies in Europe. Vulcanic’s existing strength and scale in Europe – with further investment by our Group – will provide a fantastic platform for growth, especially for our recently launched portfolio of TargetZero solutions, which electrify heat generation for industrial processes to support our customers’ decarbonisation objectives.”