Volution Group plc (LON:FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, has announced that it has signed an agreement to acquire the AC Industries business.[1]
AC Industries
Founded in 1991 and headquartered in Sydney Australia, ACI designs, manufactures and supplies specialist ventilation ducting solutions for secondary ventilation in underground mines.
With its focus on providing healthy air in underground mines, and via its highly energy efficient ducting systems which reduce customers’ energy consumption and support the energy transition, ACI is well aligned with our purpose of “Healthy Air, sustainably”.
Key points
– Leading manufacturer and supplier of high-performance ventilation ducting and flow controls, further extending our comprehensive range of solutions in the Australasian region.
– Clear market leader in Australia with growing international reach, serving over 150 mines in 15 countries, 120 of which are in Australia.
– Over 80% of customer sites are gold or copper mines, remainder zinc/nickel/diamond/tin.
– Strong record of revenue growth with loyal, blue chip customer base and high repeat revenue throughout the life of mines.
– Demand underpinned by structural growth drivers of healthy air and energy efficiency.
– Experienced leadership team with significant industry experience, will continue to lead the business post-acquisition.
– Aligned with our financial characteristics; strong growth, attractive margins and strong cash generation.
ACI will report into Volution’s Australasian region, where we currently serve some above ground mining applications through the Fantech industrial brand, and will benefit from being supported by our strong and enhanced Australasian functional resources and leadership capabilities.
Consideration for the acquisition on a cash and debt free basis is AUD $150 million (approximately £75 million) on completion, followed (in 2027 and 2029) by further contingent consideration of up to AUD$28.9 million (approximately £14.5 million) based on EBITDA performance. It will be funded from existing debt facilities including part exercise of the accordion facility, with leverage at completion expected to be c1.8x. ACI’s revenue for the year ended 30th June 2025 was AUD$47.7 million with adjusted EBITDA of $17.1 million. The acquisition is expected to complete in February 2026 and will be immediately earnings accretive.
Ronnie George, Group Chief Executive of Volution, commented:
“We are delighted to acquire ACI and further extend our already comprehensive end market applications in the Australasian region. From the first moment we met Tony Wigg and his impressive team providing ducting solutions for copper and gold mines it was clear to us that ACI’s business model and solutions were perfectly aligned with Volution’s approach to providing healthy air, and would be an excellent fit with our model and strategy.”
Tony Wigg, Managing Director and co-founder of ACI, said:
“Having grown ACI to a leadership position in Australia we are excited to join the Volution Group, and I am confident our new owners will provide the necessary support to further grow our capabilities and reach, enabling us to continue to deliver a high-level of service to our valued customers.”
