Colt to become part of the Kingspan Group
Kingspan Group plc, a global leader in high performance insulation and building envelopes, is to acquire Colt Investments Limited, the parent company of Colt Group Limited (“Colt”). Following completion of the acquisition, the Colt Group will become part of the Kingspan Light +Air (KLA) division.
The acquisition of Colt will give KLA the scale and capabilities to accelerate its vision to be a pre-eminent global provider of daylighting, ventilation and smoke management solutions for the sustainable built environment. The Colt Group has a strong presence in these businesses in the UK, The Netherlands and Germany and is present in fifteen countries.
CEO of Colt Group, Mark Oliver, said " I believe that being part of KLA will ensure that Colt continues to thrive in an industry that is becoming increasingly global”.
Managing Director of Colt International GmbH, the Group’s German subsidiary and Divisional Director for Continental Europe, Lukas Verlage, commented "I see opportunities for Colt within KLA. Our strong solutions capability combined with a wider product range and a larger geographic footprint will bring more growth potential”.
Managing Director of Colt International Ltd, the Group’s UK subsidiary, Nick Buckingham, added "I am personally optimistic about the future of Colt within KLA. Kingspan has demonstrated that it is committed to growing the KLA division and I see opportunities to grow our UK business under new ownership”.
The completion of the acquisition is subject to clearance by the competition authorities. A further announcement will follow when completion occurs, which is expected to take place by no later than 10 April 2020.