Vicon Machinery Group, a manufacturer of HVAC ventilation duct machinery and headquartered in Bohemia, has been acquired by Lindab International, a publicly traded billion-dollar corporation headquartered in Sweden.
Terms of the deal were not disclosed.
With plants in Missouri and Pennsylvania, Vicon is made up of four companies, including Vicon Machinery, Plasma Automation, Walsh Atkinson Company and Central States Machinery.
Lindab, through its brands Spiro and Firmac, produces ventilation ducts in Europe. Through this acquisition, Lindab aims to gain a more comprehensive access to the North American market, according to Ola Ringdahl, Lindab’s president and CEO.
Lindab is listed on the Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB. The corporation has more than 5,000 employees in 20 countries and generates over $1.2 billion in revenue.
Vicon’s second-generation owners Tim Walsh and Matt Walsh will remain with the company and continue to grow the business, as will Mike Fischer, the firm’s chief operating officer, and Kevin Baydar, vice president of sales.
Protegrity Advisors, an M&A advisory firm with offices in Ronkonkoma and elsewhere in New York as well as South Carolina, served as the exclusive advisor to Vicon.
“Vicon Machinery is such a successful business, it was an honor to represent the shareholders and I am proud of our team,” Gregg Schor, CEO of Protegrity Advisors, said in a written statement about the deal.
“Selling a family-owned or closely held company to a publicly traded billion-dollar corporation in a cross-border transaction can be a challenging experience,” Schor added.
“With the acquisition of Vicon, we welcome another quality company to the Lindab Group,” Ola Ringdahl, president and CEO of Lindab, said in a written statement.
“Together, our companies Spiro, Firmac and Vicon will become world leaders in quality machines for manufacturing of ventilation ducts,” Ringdahl added. “The business will have global sales of approximately SEK 600 million on an annual basis. ”
“We look forward to working with Spiro to offer the market’s leading machines for manufacturing of ventilation ducts,” Tim Walsh and Matt Walsh said in a joint statement about the transaction.
“With our market knowledge and customer relationships in North America, we can help Lindab expand while gaining a stronger foothold in Europe,” they went on to say.
“Vicon and Spiro have many similarities in our approach to quality and customer satisfaction and we look forward to developing Vicon further as part of Lindab,” they added.
Closing is expected to take place during the first quarter of 2024, according to Protegrity.