VULCANIC acquired by SPIRAX-SARCO ENGINEERING
Context
The acquisition of Vulcanic by Spirax-Sarco Engineering plc represents a transformational expansion for the group’s Electric Thermal Solutions (ETS) business, specifically targeting the European market. The strategic rationale for this transaction centers on a "technology-decarbonization" play, merging Vulcanic’s industry-leading technical operational depth in bespoke electric heating with Spirax-Sarco’s established global scale and fluid control infrastructure. This structural alignment provides the organization with the scientific talent and logistical hardware required to address the increasing demand for industrial electrification among European customers. This operation allows Spirax-Sarco to execute a definitive structural expansion of its regional footprint, complementing its existing Americas-centric business and providing a fantastic platform for its newly launched TargetZero product lines.
In the past, the company had already been the subject of several LBOs, notably led by Abenex in 2011 and Qualium in 2016. These multiple LBO cycles illustrate the strong appeal for this type of asset.
VULCANIC, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a premium to the average currently observed in the Industry & Manufacturing sector (11.7x).
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Target
Founded in 1973, Vulcanic has established itself as a global leader in the design and manufacture of electrical heating and cooling systems for industrial applications. The company specializes in delivering solutions for critical environments across a highly diversified range of sectors, including energy, transportation, oil & gas, and food processing. With a workforce of approximately 650 employees and a network of nine industrial sites across France, Germany, Spain, and Australia, the group serves over 30,000 customers worldwide.
Ent. Value
£100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
10x–18x
EV / EBIT
15x–25x
Historical Financials (GBP)
Other operations with VULCANIC
Other operations with VULCANIC
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REFERENCES
Valuation range: EV £100–350M
Revenue range: £50–100M
EBITDA range: £5–25M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VULCANIC by SPIRAX-SARCO ENGINEERING are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: spirax-sarco engineering