NIBE Industrier AB of Sweden has entered into an agreement to acquire 100% of the outstanding shares of WaterFurnace. The total equity value of the transaction is approximately C$378 million.
“This transaction is NIBE’s largest to date in North America and further elevates our position as one of the global market leaders in sustainable energy solutions,” said Gerteric Lindquist, CEO of NIBE. “Following our successful expansion of our Elements Division in the United States, the teaming up with WaterFurnace represents a strategic match and bridgehead into North America also for our largest business area Energy Systems. We are pleased to see that both groups share the same entrepreneurial tradition and technological vision, being one of the first companies to market geothermal heat pump solutions on respective sides of the Atlantic”
Tom Huntington, CEO of Waterfurnace, says he believes the acquisition will offer an excellent strategic partnership.
“The combined talents of these two fine companies are aimed at helping people around the globe find sustainable energy solutions. As CEO of WaterFurnace and on behalf of my whole team, I can state that we are excited to be joining one of the market leaders in our industry,” he said.
Founded in 1983, WaterFurnace has been known as a manufacturer of geothermal heat pump heating and cooling solutions in North America. The company’s product offering includes a range of geothermal heat pumps, smart control systems, hot water storage tanks, and indoor air quality solutions. Products are marketed under the WaterFurnace and GeoStar brands in North America, and the WFI brand via a joint venture in China.