Cavendish

Cavendish advises on the sale of Greenwood to Zehnder Group

Cavendish Corporate Finance LLP is pleased to have advised on the sale of Greenwood, the specialists in domestic and commercial ventilation products, to Zehnder Group, which has international operations in the indoor climate sector, for an undisclosed sum.

Greenwood, which develops, manufactures and markets high-quality domestic ventilation products, that include whole house mechanical extract and heat recovery systems, local extract fans and passive ventilators, has over 120 years of experience and has established a strong reputation in the market through major developers and contractors in the UK's domestic new build and refurbishment sectors.

In acquiring Greenwood the Zehnder Group has established a position in another important European residential ventilation market, which is in line with its strategy of focusing on selected growing markets niches.

Greenwood (www.greenwood.co.uk) has over 100 employees, reached sales of GBP 16 million in 2007, and was profitable. Greenwood is one of the UK's leading suppliers in the domestic ventilation sector thanks to innovative products and excellent relationships in the residential building sector. Given the current strong position of the company, Greenwood expects to benefit from the growing trend in the UK towards more energy-efficient buildings with airtight building envelopes.

In 2001 Zehnder Group entered the market for modern domestic ventilation and, with its ventilation equipment and systems for energy-efficient airtight buildings, has now established a leading position in Switzerland, Germany, the Benelux countries and Italy. In 2007, its ventilation products contributed roughly 15 percent of the Group's total sales of EUR 443 million 1 (approx. CHF 720 million). In the coming year, management expects to pass the
"EUR 100 million threshold" with its ventilation products.

As a vendor-only specialist, Cavendish is ideally placed to help entrepreneurs and business owners achieve their objectives. Cavendish was established in 1988 and since then has completed the sale of some 400 businesses. Cavendish is a member of M & A International, the world's leading corporate finance alliance

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