Waterland exits P Lemmens in trade sale

Swegon has acquired a 90% stake in the business from Waterland and company CEO Stephan Lemmens, with the latter remaining in his management position and a minority shareholder.

Swegon also holds the option to acquire the remaining 10% in P Lemmens for a price somewhere in the range of SEK 47-73m, dependent upon the company's increase in sales.

Waterland provided growth capital to P Lemmens in September 2011. At the time, the business employed 50 staff and generated €28.5m in revenues, as well as an EBITDA of €8.1m.

Company
P Lemmens now employs 59 staff and recorded a slightly lower turnover of €26m last year. The Gembloux-headquartered company was founded in 1977.

P Lemmens is a specialist in ventilation, heating and air conditioning. The company has developed its Total Airflow Control (TAC) technology, designed to allow for greater control through its electronically commutated motor.

The company also produces fans, air curtains and heat recovery products.

People
Stephan Lemmens is the CEO of P Lemmens. Hannu Saastamoinen is the CEO of Swegon.

Advisers
Acquirer – DC Advisory (Corporate finance).

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• Topics
• Exits
• Benelux
• Industrials
• Belgium
• Waterland Private Equity
• Trade sale