01 March 2022

 Purmo Group has today acquired the entire share capital of TT Thermotech Intressenter AB, the Nordic heating systems company. The acquisition supports Purmo Group’s growth strategy: it brings in smart technologies to the company’s Indoor Climate System (ICS) offering, supports its solution-selling approach and strengthens Purmo Group’s position on the Nordic underfloor heating market. The acquisition is Purmo Group’s first one as a public listed company and is valued at SEK 265 million (EUR 25.0 million) on a cash and debt free basis.

Thermotech is a Nordic leading supplier of systems for heat and water distribution to all types of homes and premises. The company manufactures and supplies customised and pre-fabricated underfloor heating systems to its customers across Sweden and Finland. In 2021, the company’s total turnover was about SEK 252 million (EUR 23.8 million), EBITDA about SEK 38 million (EUR 3.6 million) in accordance with Swedish GAAP, and it had about 80 employees. Established in 1996 and with head office in Umeå in northern Sweden, it has operations in both Sweden and Finland.

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