Arbonia acquires Belgian market leader for radiators
Arbon TG – Arbonia has acquired the Belgian company Vasco Group. The move strengthens the St.GallenBodenseeArea company’s heating, ventilation and air-conditioning (HVAC) technology division, particularly in the Benelux countries.
Arbonia has acquired Vasco Group, the market leader for radiators in Belgium and the Netherlands, as part of its strategy to strengthen its presence in the HVAC division markets in the Benelux countries.
At the same time, by adding the Vasco, Brugman and Superia brands to its division’s product portfolio, Arbonia strengthens its market presence in the higher-priced market segment in Germany and France, as well as Eastern Europe, Russia, Asia and the Middle East. With Vasco, Arbonia also has the opportunity to grow in the residential ventilation market, according to a statement.
The Vasco Group employs more than 600 people at its four production plants in Belgian, the Netherlands and Poland. The company has a total annual turnover of around €90 million. It will be integrated into Arbonia’s HVAC division, but will continue to act autonomously in its markets.
The two companies have agreed to not disclose the purchase price. The acquisition was financed by Arbonia in mid-April using a bonded loan. Arbonia is headquartered in Arbon in the canton of Thurgau.