Dimplex buys Applied Energy
Applied Energy Products based in Cambridgeshire in England, is involved in the manufacturer of water heaters, ventilation products and radiators.
The takeover has been notified to the Irish Competition Authority, as some of Applied Energy Products are sold in Ireland.
Based on the profitability of Applied Energy Products, the takeover could have cost Glen Dimplex in the region of €20 million to €25m.
Applied Energy is own by a number of individuals including its managing director John Lee and finance director Geoff Collier.
According to its most recent accounts filed at the Companies House in London, Applied Energy Products made a pre-tax profit of £1.8m (€2.6m) in the 12 months to end March 2006. Sales at the company during that period were £47.5m. The company has net assets of nearly £10m.
Glen Dimplex says its is one of the largest electrical goods suppliers in the world with sales approaching €2 billion a year and over 8,500 employees worldwide, including 2,000 people on the island of Ireland.
The company’s brands, outside of the core Dimplex range, include Morphy Richard, Roberts and Belling.
Glen Dimplex was set up in 1973 by Northern businessman Martin Naughton. A few years later he was joined in the venture by Lochlann Quinn and the company has expanded rapidly since. Mr Quinn, the former chairman of AIB and brother of former Labour part leader Ruairi Quinn, sold his stake in the business back to Mr Naughton nearly three years ago for an estimated €200m.
The acquisition of Applied Energy is its first in Britain for a couple of years. Glen Dimplex, which is now run on a day-to-day basis Sean O’Driscoll. It has focussed its expansion plans on the Asian market, particularly China and Japan.
It has also made a number of acquisitions in the US market.
The acquisition of Applied Energy Products was made by Glen Electric, the principal subsidiary of Glen Dimplex.
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