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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