Halma plc (LON:HLMA), the global group of life-saving technology companies focused on growing a safer, cleaner and healthier future for everyone every day, has announced that it has acquired FirePro.
FirePro is a leading designer and manufacturer of aerosol-based fire suppression systems. Its systems protect people, critical infrastructure and equipment from fire using a non-pressurised condensed aerosol technology which does not contain ozone depleting substances or fluorinated greenhouse gases and extinguishes fire without causing damage to the environment. Further information on FirePro is given in the note at the end of this announcement.
The consideration for FirePro is €150m (approximately £132m) on a cash- and debt-free basis. FirePro’s unaudited revenue for the 12 months to 31 December 2022 was €23.3m (approximately £21m), with Return on Sales more than double Halma’s target range of 18-22%. The consideration will be paid in cash and funded from Halma’s existing facilities. FirePro will operate as a standalone company within Halma’s Safety sector and continue to be led by its current management team.
Andrew Williams, Group Chief Executive of Halma, commented:
“The acquisition of FirePro represents a valuable addition to our portfolio of fire detection and suppression solutions. Its technologies provide a sustainable alternative to established pressurised gas fire suppression solutions. There are strong opportunities for growth in its existing market niches, driven by higher regulatory standards, and the adoption of new technologies for renewable energy are creating new opportunities for growth. We are delighted to welcome FirePro to Halma and look forward to working with the team to expand FirePro’s global impact.”
Avgoustinos Avgousti, Managing Director, FirePro, said:
“FirePro’s success and growth has been built on creating fire safety solutions which protect people and the environment. By joining Halma, we gain access to new capabilities and collaborative opportunities with a global group of businesses which is aligned with FirePro’s purpose of protecting human life.”
