Recair Holding B.V. has been acquired by Switzerland based Zehnder Group AG
Recair designs, produces and sells energy-efficient heat exchangers used in ventilation systems in housing construction. With 30 employees, the company generated a turnover of € 6 million last year, mainly by exporting their products to other countries in Europe. Via the acquisition Recair aims to ensure further growth and business continuity.
“The future demands major investments”
To ensure future growth of the activities of Recair, major investments are necessary. Also, successors could not be found within the inner circle of the owners Henk Reijneveld (60) and Gerard Merkx (57). The management therefore decided to search for a new owner.
Recair was advised by Baker Tilly Corporate Finance throughout the process. Mr. Reijneveld remarks: “Together with Lorijn van Leersum and Bas van Klaveren (our dealmakers) we have drawn up a list with potential buyers. With help from the international network of Baker Tilly, we reached out to potential buyers with an anonymous teaser of our business. After signing a non-disclosure statement, interested parties received an information memorandum. This process led to biddings from several parties, from clients to competitors. We sat down with the interest parties and based on the negotiations, Zehnder came forth as the most fitting candidate.” After finding the buyer, Baker Tilly Corporate Finance assisted Recair with the due diligence and with the drafting and negotiations of the contracts.
Zehnder Group is one of the largest producers of radiators, cooling systems and ventilation systems for interior purposes. With the acquisition of Recair, Zehnder expands her market share in heat exchangers for the residential market. By selling to a strategic party rather than private equity, synergy benefits, such as combining research capabilities and mutual procurement of products, are more likely to materialize and hence, often justify higher bidding prices.
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