Halma makes £36m bolt-on acquisition of fire detection firm
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Safety equipment and hazard detection technologies group Halma is spending £36m on Portuguese fire detection and alarm systems maker Global Fire Equipment (GFE) to extend its presence in the European market.
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GFE manufacturers things like control panel equipment, fire detectors, sounders and emergency lighting for commercial customers, and its products are said to be complementary to Halma's fire detection subsidiary Ampac.
Halma is spending €42.5m on GFE on a cash and debt-free basis, funded from its existing facilities. GFE generated sales of €16.2m in the 12 months to 31 March, with margins above Halma's group target.
"GFE's technologies are complementary to Ampac's fire safety systems portfolio and will further expand the geographical markets it serves," said chief executive Marc Ronchetti.
"We are excited by the opportunities we continue to see for purpose-aligned acquisitions to join Halma. It is also great to see our existing companies adding new capabilities and distribution reach through bolt-on acquisitions to accelerate their long-term growth."