Glen Dimplex, the heating and industrial company, has acquired the German cooling business Hyfra Process Cooling. Glen Dimplex is our Company of the Month August 2023, in association with KPMG.
Heating and industrial company, Glen Dimplex, has acquired German business Hyfra Process Cooling in a deal estimated to be worth approximately €40 million.
Led by CEO Fergal Leamy, this is the fourth such acquisition made by the company in the last 18 months.
Price paid
The price paid for Hyfra Process Cooling has not been disclosed, but according to the Irish Times, “an industry source said acquisitions of this kind typically follow the value of annual turnover, which in this case is around €40 million.”
Glen Dimplex has also recently acquired Adax, a heating appliance supplier based in Norway, and holds a small stake in precision cooling business Wener Finlay, based in India.
Distribution and expansion
Glen Dimplex is a privately owned, Irish headquartered, international manufacturing group with a 50 year heritage, operating across four product areas: heating and ventilation, precision cooling, flame and consumer appliances.
The group distributes electrical heating and domestic appliances, and provides cooling, ventilation and renewable energy solutions.
Glen Dimplex serves professional and consumer customers through a variety of distribution channels. Its largest division, heating and ventilation, offers products and systems for new builds, and renovation of domestic and commercial buildings.
CEO Fergal Leamy said the Hyfra Process Cooling deal is a ‘strategic acquisition’ and an ‘important milestone’, “enabling us to further expand our precision cooling business globally, and align with customer needs as we transition to a more sustainable future.”
Camogie
The Camogie Association and Glen Dimplex launched the 2023 Glen Dimplex All-Ireland Camogie Championships in May 2023.
This culminated in the All-Ireland Final at Croke Park on Sunday 6th August 2023 that saw Cork defeat Waterford by 5-13 to 0-9.
“It makes me incredibly proud that Glen Dimplex can play a part in supporting the growth and development of female sport in Ireland,” said Chief People Officer at the Glen Dimplex, Tara Flynn.
She continued: “Inclusivity, whether it be in sport or business, is the lifeblood of a thriving and healthy culture.”
Company of the Month
The Company of the Month Award, in association with KPMG, recognises outstanding Irish companies. It especially acknowledges those who have made significant contributions to the business community of Ireland.
Recipients of the award are automatically put forward as candidates for the prestigious Company of the Year Award at the annual Business & Finance Awards.
Business & Finance, Company of the Month
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