INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Symphony rallied 3 per cent after the company announced it has signed an agreement to purchase 95 per cent stake in
Climate Technologies Pty Limited, Australia's leading manufacturer of cooling and heating appliances
The acquisition will be executed at a valuation range of Rs 201- Rs 221 crore depending on the achievement of FY18 EBITDA (June ended)
Further, the valuation is subject to change based on customary closing conditions
The company plans to finance the acquisition through a judicious mix of debt and internal cash accruals.
Headquartered in Adelaide, South
Australia, Climate Technologies (CT) manufactures and sells evaporative air coolers, ducted gas heaters, and other cooling products in
CT was established by Ted Celi in December 1976 and he and his family effectively own 90 per cent equity stake while 10 per cent stake is
owned by Tim O' Leary, current CEO of the company
With iconic brands such as 'Bonaire' (a history of 64 years) and 'Celair' (46 years), Climate Technologies is one of Australia's most
recognised manufacturers and suppliers of cooling and heating appliances
CT commands 30 per cent and 25 per cent market share of the domestic Australian evaporative air coolers and ducted gas heaters market,
The company forayed into the US markets through a relationship with Home Depot, who now considers CT as an innovator in its class.
