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Waterland hands Lemmens to Swegon after three-year holding

10 Jul 2014

air-con-fanEuropean buyout house Waterland Private Equity has exited its three-year investment in ventilation and air-handling unit maker Pierre Lemmens to trade buyer Swegon.

Swegon has picked up a 90 per cent stake in the business and has the option to buy the rest for between SEK47m and SEK73m over the next five year.

Pierre Lemmens, which makes mid-sized ventilation, air handling and fan unit, had sales of about €29m last year.

Waterland bought 100 per cent of the business in 2011.

The firm did not respond to a request for more information about the exit.

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