NIBE Industrier AB has utilised its call option to acquire the remaining 40% of the shares in Stovax Heating Group Ltd. in the UK. NIBE acquired the first 60% of the shares in the company in January 2013.
The UK’s leading stove and fireplace company.
“Stovax has shown strong growth in recent years and is an important part of NIBE Stoves with its size, its strong position in the UK and Ireland and its wide product range for both wood and gas,” says Gerteric Lindquist, Group CEO of NIBE Industrier.
“Stovax is a stable company with very competent, experienced management that greatly benefits the entire business area. Stovax continues to have good opportunities, as an independent company with its own brands and product development, to grow further in new markets outside the UK.”
After the acquisition of Stovax Heating Group, the NIBE Stoves business area is the clear market leader for stove products in Europe, and has a clear ambition to continue to grow with good profitability.
Benny Torstensson, CIO: +46 (0)433-73 070