Genuit Group: Yorkshire firm strikes £55m deal to buy school ventilation specialist Monodraught
Leeds-based Genuit Group has spent £55.6m buying a company which specialises in providing ventilation systems for schools.
It has acquired High Wycombe-headquartered commercial ventilation solutions company Monodraught as part of the Yorkshire firm’s expansion plans in the field of climate management.
Genuit is the UK's largest provider of sustainable water, climate and ventilation solutions for the built environment and provides products designed to allow customers to mitigate and adapt to the effects of climate change and meet evolving sustainability regulations and targets.
One of its three business arms is climate management solutions, including air ventilation products.
Joe Vorih, chief executive officer of Genuit, said the purchase of Monodraught will expand the company’s offering.
He said: “I am delighted to welcome the Monodraught team to Genuit.
"They bring an innovative and highly complementary portfolio of ventilation products, as well as a controls and data management capability that extends our offering and enables us to integrate heating and cooling solutions from across the group.
"The acquisition significantly strengthens our position in the attractive UK ventilation market, which is benefiting from environmental and regulatory tailwinds.
"This is evident both in the strong growth of Monodraught in recent years alongside the demand for our existing portfolio of ventilation and low carbon heating and cooling products. We expect this to continue and are excited about the opportunities ahead."
An announcement about the deal to the London Stock Exchange said of Monodraught’s potential: “It has a specific focus on the education sector, where it provides a market leading proposition.
"In addition to its high-quality portfolio of products, Monodraught also provides high levels of technical support and design, continuing through to commissioning of customers' installations.
"Post installation, Monodraught offers advanced controls solutions that provide customers with performance information ensuring buildings continue to be managed as designed.
"Monodraught benefits from a range of regulatory and policy drivers, such as BB1014 governing the requirement for fresh air in schools, alongside the CF255 framework for the building and refurbishment of education buildings in England, as well as a broader growing demand for cooling and heating using sustainable lower energy technologies.”
The announcement said Monodraught’s organic revenue had grown by 13 per cent between 2021 and 2024, with expected revenue this year in the region of £19m.
Genuit said the company fits well with its other existing brands.
The statement said: "[It is] highly complementary to the group's existing ventilation brands, Nuaire and Domus, with minimal product or market overlap, providing an opportunity for Genuit to bring commercial scale and market access beyond Monodraught's core.
"Monodraught's range of low-carbon heating and cooling technologies is aligned with Genuit's focus on climate change adaptation and mitigation.
"[The transaction] underpins the significant growth opportunities across Climate Management Solutions, driven by environmental and regulatory tailwinds, consistent with the Group's strategic focus on segments that provide above-market growth rates.”