REG - Genuit Group PLC - Blue green roof & underfloor heating acquisitions

GenuitAnnouncement

08/08/2024 07:00

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RNS Number : 6321Z  Genuit Group PLC  08 August 2024

8 August 2024

 

Genuit Group plc

Blue green roof and underfloor heating acquisitions

 

Genuit Group plc ("Genuit", the "Company" or the "Group"), the UK's largest
provider of sustainable water, climate and ventilation solutions for the built
environment, is pleased to announce the acquisition of Sky Garden Limited,
Omnie and Timoleon.

 

Sky Garden Limited

Sky Garden Limited is a leader in green roof technologies providing design,
supply, installation and maintenance services for green and bio-solar roofs,
podium decks and green walls. Sky Garden was acquired for a cash consideration
of £2.5m.

The business, based in Tewksbury, Gloucestershire, will join the Water
Management Solutions (WMS) business unit and will extend the Group's blue
green roof offering. It will provide an additional route to market for
Genuit's Permavoid business, which it complements, and we also expect
synergies with the Keytec installation business. Together these provide a full
blue green roof solution offering.

This is an attractive market segment with significant future growth potential
associated with the increasing need for urban re-greening and stormwater
management.

 

Omnie and Timoleon

Omnie and Timoleon are leaders in underfloor heating (UFH) board technologies
and providers of full UFH system design and supply services. The trade and
assets of the group operating the Omnie and Timoleon businesses have been
acquired for a cash consideration of £2.7m.

The businesses operate and manufacture in Exeter, Devon and Lomza, Poland. The
brands will complement and enhance the Group's UFH offering and will be part
of the Climate Management Solutions (CMS) business unit. Omnie serves direct
customers and the merchant channel whilst Timoleon supplies OEM customers. We
expect strong synergies with the existing Nu-Heat business in CMS and with the
Group's Polypipe UFH offering for new housebuilding in the Group's Sustainable
Building Solutions (SBS) business unit.

The Group anticipates growth in demand from increasing adoption of UFH
solutions in both new housebuilding and RMI markets, as part of the drive to
lower the carbon footprint of the built environment.

 

The Sky Garden Limited acquisition completed on 5 August 2024, and the Omnie
and Timoleon acquisition completed on 6 August 2024. These businesses are
expected to deliver incremental revenue in the region of £6-7m in the
remaining five months of the year. Earnings are not expected to be materially
impacted in 2024.

 

Commenting on the acquisitions, Joe Vorih, Genuit Group Chief Executive
Officer, said: "We are excited by these acquisitions, which present a
compelling opportunity for Genuit and align with our Sustainable Solutions for
Growth strategy. They complement our existing portfolio, expand our product
offering and will enable us to drive further growth in attractive end markets.

"I am delighted to welcome our new colleagues from Sky Garden, Omnie and
Timoleon, and look forward to working together as we continue to address the
challenges posed by climate change and urbanisation."

 

Enquiries:

Joe Vorih, Chief Executive Officer

Tim Pullen, Chief Financial Officer

+44 (0) 1138 315315

 

Headland Consultancy:

 Matt Denham      Telephone: 020 3805 4822
 Chloe Francklin  Email: genuit@headlandconsultancy.com (mailto:genuit@headlandconsultancy.com)

 

Notes to Editors:

About Genuit Group plc

Genuit Group plc is the UK's largest provider of sustainable water, climate
and ventilation products for the built environment. Genuit's solutions allow
customers to mitigate and adapt to the effects of climate change and meet
evolving sustainability regulations and targets.

The Group is divided into three Business Units, each of which addresses
specific challenges in the built environment:

·      Sustainable Building Solutions - Providing a range of construction
solutions to reduce the carbon content of the built environment.

·      Water Management Solutions - Driving climate adaptation and
resilience through integrated surface and drainage solutions.

·      Climate Management Solutions - Addressing the drivers for low
carbon heating and cooling, and clean and healthy air ventilation.

 

Across these Business Units, Genuit's brands are some of the most
well-established and innovative in the industry, including Polypipe, Nuaire
and Adey.

 

The Group primarily serves the UK and European building and construction
markets with a presence in Italy and the Netherlands and sells to specific
niches in the rest of the world.

 

 

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