France Air Group’s €222.7 Million Acquisition of SIG Air Handling Division

DLA Piper advised France Air Group on the deal.

France Air Group entered into an agreement for the acquisition of SIG plc’s Air Handling Division (the SIG Air Handling Division), for an enterprise value of EUR 222.7m (£198.3m1) on a cash free, debt free basis.

The SIG Air Handling Division acquisition will speed up the international strategy of France Air Group which has been already developed over the last five years. The new company will become an indoor air ventilation European leader with a consolidated turnover of EURO500 million, 1800 employees and will own entities in 14 European countries.

The acquisition is conditional upon certain anti-trust approvals, as well as being dependent upon completion of consultations with the works councils of certain French subsidiaries in the SIG Air Handling Division. Completion is expected to occur in Q1 2020.

The SIG Air Handling Division is a leading distribution-led provider of air handling and ventilation products, systems and solutions non-residential and residential buildings in Europe, and benefits from pan European coverage in France, Belgium, Netherlands, Central Europe (Germany, Austria, Switzerland), East Europe (Bulgaria, Hungary, Romania), and the United Kingdom.

France Air Group is a leader for handling and diffusion of indoor air. The Company, which primarily operates in France, manufactures and distributes refrigeration and heating equipment.

The DLA Piper Paris-based team was led by Corporate partner Sarmad Haidar (Picture), assisted by counsel Julia Elkael and associate Marine Petot. Partner Maud Manon advised on the Finance aspects of the transaction, partner Raphaël Béra advised on the Tax aspects, while partner Edouard Sarrazin provided antritrust advice.

Involved fees earner: Raphaël Béra – DLA Piper; Julia Elkael – DLA Piper; Sarmad Haidar – DLA Piper; Maud Manon – DLA Piper; Marine Petot – DLA Piper; Edouard Sarrazin – DLA Piper;

Law Firms: DLA Piper;

Clients: France Air Group;