Munters Acquires Edpac, Strengthens Presence In Europe
UNTIED STATES — Munters has acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment and air handling systems, for a purchase price of MEUR 29. The acquisition is part of Munters strategy to grow in the prioritized data center segment. Known to provide energy efficient data center cooling solutions in North America, Munters strengthens its presence in Europe through the acquisition.
EDPAC reported net sales of MEUR 17 and an adjusted EBITDA of MEUR 1.7 in the financial year ending April 2021. The company is headquartered in Carrigaline, Ireland with two manufacturing facilities in the country and has about 150 full time employees. Their sales are primarily in Europe with additional sales in the Middle East, South America, and Asia.
The European data center market represents a sizeable, growing, and attractive market opportunity for Munters. With the acquisition, Munters will transfer proven technologies and engineering capabilities to Ireland.
“The European data center market is a prioritized segment for Munters and the acquisition is a significant step in our growth strategy,“ said Klas Forsström, president and CEO of Munters. “Our competences and experiences from the North American market will provide EDPAC with opportunities for further profitable growth. We foresee synergies by expanding our data center offering to Europe and by coordinating technology development and establishing unified processes.”
EDPAC manufactures precision cooling equipment and various air handling systems and is also a manufacturing partner for Munters Oasis systems. Sales of Munters products represents approximately 7% of EDPAC’s total revenues. The acquisition brings complementary products to Munters current data center offering.
“We are excited to welcome EDPAC to Munters. EDPAC brings an attractive, differentiated customer base and high-quality products,” added Forsström. “In addition, EDPAC’s operating model is a perfect match with Munters ways of working.”
The consolidation will take place from the day of the acquisition. The acquisition will not have a significant impact on Munters earnings per share in current financial year.
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