Lunos, the Ljubljana-based developer of home ventilation systems which recently changed its name to I-Vent, has been acquired by the British company Volution Group, for up to €40 million. Volution Group said I-Vent would continue to be led by its founder Milan Kuster.
I-Vent designs, manufactures and supplies ventilation systems for buildings. It was founded as Lunos in 2010 and attained rapid growth in recent years. It presently has 20 full-time employees. In 2022, it generated revenue of €10 million and a net profit of €3.4 million.
Volution Group, a leading international designer and manufacturer of energy-efficient indoor air quality solutions, said it would immediately pay €25.2 million for an outright stake in Lunos, with further contingent consideration of up to €15 million based on stretching growth targets for the financial results for the three years up to the end of 2025. Regulatory approval is still pending.
“The feelings are mixed, you kind of see the company as your child. We had multiple offers and ended up deciding for Volution,” the newspaper Finance quoted Kuster as saying. Kuster announced that I-Vent would remain an independent company after the takeover and that he would lead it for at least three more years.
The buyer is opening the way for I-Vent to enter global markets, which is what the company has always wanted. “France and the rest of Western Europe are very difficult to penetrate. Through Volution, which has a sales network, it will be much easier. We expect significant growth in sales,” Kuster added.
Volution Group reported around €340 million in revenue and a profit of just under €40 million for 2022.