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The VELUX Group has made its second acquisition of the year, as part of its mission to grow the business in the non-residential market for daylighting solutions, with the acquisition of JET-Group. JET-Group is a European leader in industrial roof light systems, sold to VELUX by Dutch investment firm, Egeria.
Having been the market leader in the residential market for roof windows for over 75 years, the VELUX Group made its first venture into the commercial (non-residential) market in 2012 with the launch of the VELUX Modular Skylight (VMS) system.
The Group’s goal is to develop a leading position in this business area through organic growth and acquisitions.
David Briggs, CEO of the VELUX Group, comments: “We have had a very positive dialogue with Egeria and the JET-Group. We immediately felt that the ambitions and cultures of the JET-Group and our company complement each other nicely. Through the acquisition of JET-Group, we will strengthen our foothold within the commercial market in several countries and add several new product categories to our commercial offering in Europe.”
The commercial market consists of two an architectural glazing segment, which has a greater focus on design, with architects playing a significant role in selecting glass or acrylic glazing solutions, and an industrial flat roof segment, which consists almost entirely of acrylic solutions, such as domes or continuous roof lights (CRLs).
The two segments vary significantly in their target customer groups and sales processes. The VELUX VMS business has a strong presence in the architectural glazing segment while JET has a leading market position in the industrial flat roof segment.
“With the acquisition of JET-Group we immediately become one of the leading players in the commercial market in Europe and will begin to merge our VMS operations with the JET-Group to build a new commercial division, which can drive further growth in this market. We also see opportunities to improve JET’s wholesale business by selling some products through the VELUX distribution network, which will also bring more business to our dealer partners,” adds David.
The acquisition must be approved by the competition authorities in Germany and Austria before it can be completed. The companies will not disclose further information about the agreement until final approval is granted.
Pending approval and subject to completion of the acquisition of JET-Group, JET products will continue to be sold under the JET brand and through the existing organisation, while VELUX will continue to sell VMS products until customers are familiar with the change of ownership and a structured transition to the VELUX brand can be made and communicated to the market. Synergies are expected from developing common functions and key accounts across the two organisations, which will form the basis for a new VELUX commercial division.
David concludes: “VELUX has always focused on providing daylight and fresh air to create better living and working environments, and the acquisition of JET helps us gain scale and extend our business into a whole new market segment.”
Contact:
Velux Co Ltd
Woodside Way
Glenrothes East
Fife
KY7 4ND
Phone: 01592 778927
Fax: 01592 771839
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