Purmo Group strengthens its Climate Solutions business with the acquisition of Unitherm Heating Systems Ltd in Ireland and the United Kingdom
Purmo Group Plc | Investor news | October 01, 2024 at 18:40:00 EEST
Purmo Group has today, on 1 October 2024, acquired Unitherm Heating Systems Ltd, a provider of holistic climate solutions, which are mostly built around heat pumps. The group, headquartered in Dublin, Ireland, provides design, supply, commissioning, technical support and aftersales servicing of heating systems solutions for residential and commercial applications. Systems include heat pumps from 4kW to 4MW, in addition to a wide range of emitter systems, underfloor heating and ventilation solutions. The acquisition supports Purmo Group’s ongoing solution selling strategy.
Founded in 2004, Unitherm operates from three locations in Ireland and in 2020, expanded its business into the United Kingdom. In 2023, the company’s total net sales amounted to EUR 28.2 million and it has 65 employees today in Ireland and the United Kingdom. The Group offers heat pumps and other products from several leading manufacturers in their core markets. The company does not have its own production.
The group is at the forefront of introducing new and innovative renewable technologies into the heating industry. The company distributes its heating and climate solutions predominantly through wholesalers and is especially known for its technical competence. It operates mainly in the residential segment and on new-build projects, such as private houses, large-scale developments, apartments, housing associations and local authorities. The Group also focuses on residential and commercial renovation projects. A significant emphasis is put on training and the Group offers regular training and upskilling courses for installers and students through its three training academies.
“We welcome Unitherm, one of Ireland’s leading companies in climate solutions, to Purmo Group. Unitherm has a solid presence in the United Kingdom and Ireland, where we aspire to grow as part of our solution selling strategy. The company, which has impressive revenue growth combined with its heat pump expertise and technical know-how, is an exciting addition to our business. The acquisition perfectly aligns with our commitment to promoting sustainability,” says John Peter Leesi, CEO of Purmo Group.
“Our mission at Unitherm is to create a healthy, sustainable living environment by promoting more efficient heating and cooling systems using renewable energy sources, with less carbon emissions. Customers are at the centre of our attention – we are passionate about finding the best heating solution for our long-term and new customers. It is an honour to join Purmo Group, known for its mission to be a leader in indoor climate comfort solutions globally. I am confident that the organisation and expertise of Purmo Group will take us to the next level in solution selling,” comments Declan Kissane, CEO and the joint founder of Unitherm Heating Systems Ltd.
The transaction is not expected to have a material financial impact on Purmo Group. The acquisition will result in a one-off cost to Purmo Group which will be recognised in the fourth quarter of 2024.
Further information:
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427
Distribution:
Principal media
investors.purmogroup.com
About Purmo Group:
Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 2,950 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to our over 100,000 customers in more than 100 countries. Purmo Group’s shares are listed on Nasdaq Helsinki with the ticker symbol PURMO. More information: www.purmogroup.com.
About Unitherm Heating Systems:
Established in 2004, Unitherm Heating Systems Limited is regarded as one of Ireland’s leading and most innovative companies for designing, supplying, commissioning and servicing air-to-water heat pumps and ventilation system solutions. With offices in Dublin, Galway and Cork, the company serves the heating needs of the entire island of Ireland, in both residential and commercial sectors. Known for its technical expertise, the company puts a significant emphasis on training for installers and students from its three fully operational training centres. Unitherm has a comprehensive and impressive product portfolio representing some leading European manufacturers of high-quality products. More information: https://unithermhs.ie/.