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Manufacturing

Spirax-Sarco completes acquisition of French group Vulcanic

The Gloucestershire-based FTSE-100 firm first announced the deal in July

Inside Spirax-Sarco Engineering(Image: Hannah Baker)

Gloucestershire-headquartered pump manufacturer Spirax-Sarco Engineering has completed its acquisition of a European electrical heating group of companies.

The FTSE-100 firm has bought Vulcanic from Qualium, a French private equity business, for €261.7m on a cash and debt-free basis. The company announced the deal in July, signing of a binding definitive agreement later that month.

According to Spirax-Sarco, in the year ended December 31, 2021, Vulcanic recorded revenues of €89.4m; earnings before interest, taxes, depreciation, and amortization (EBITDA) of €17.6m; and earnings before interest and taxes (EBIT) of €16.0m on an adjusted pro-forma basis.

For the 12 months to August 31 this year - and on a comparable basis - revenues stood at €99.9m, EBITDA at €19.9m and EBIT at €17.8m.

"We have been following Vulcanic for some time and believe the acquisition represents an excellent opportunity to broaden our addressable market and further deploy our industry leading technologies in Europe," said Nicholas Anderson, group chief executive of Spirax-Sarco.

On Wednesday (September 28) the group also announced the acquisition of Durex International Corporation (Durex), a privately-owned US-based specialist of custom electric thermal solutions for ultra-high criticality industrial equipment.

Vulcanic and Durex will form part of the group's Electric Thermal Solutions Business (ETS), Spirax-Sarco said, adding more than 1,100 staff to the company. The firm said the deal would also strengthen ETS' coverage of end-market sectors and geographies to accelerate growth.

The company said ETS would serve the market through multiple brands, supported by regional manufacturing from 20 facilities worldwide.