Volution Group, a ventilation technology supplier, has acquired Breathing Buildings, a startup building low energy ventilation systems.
Founded in 2006, the Cambridge-based firm, which emerged from a collaboration between Cambridge University and Massachusetts Institute of Technology, provides hybrid ventilation solutions and intelligently controlled ventilation technology.
Dr Shaun Fitzgerald, founder, CEO and shareholder of Breathing Buildings, commented: “Becoming part of the Volution Group will enable us to maintain our focus on growth through new product development and the provision of a more comprehensive offer to our client base. Being part of the Volution Group offers significant new opportunities.”
Generating revenue of £7.8m in its year ending 31st March 2016, the acquisition of Breathing Buildings is expected to immediately enhance Volution Group’s earnings.
Ronnie George, CEO of Volution, said: “I am delighted that we have completed this acquisition and look forward to welcoming Dr Fitzgerald and his team to the Volution Group. Breathing Buildings has developed a market leading position in the UK for natural and hybrid ventilation in commercial buildings and we are excited about their potential for continuing growth.”
The deal also provides Breathing Buildings’ previous backers, including MMC Ventures, with an exit.
Bruce Macfarlane, managing partner at MMC Ventures, commented: “This deal is a fantastic demonstration of the value of innovative technology coming out of the Cambridge cluster and UK Universities. In Shaun and his team, Volution Group has acquired a great asset and Breathing Buildings has found an excellent home. We wish them every success and look forward to watching the next part of their journey”.