NIBE acquires 65% shares in Miles Industries Ltd. (Canada)

NIBE Industrier AB

NIBE Industrier AB

NIBE Industrier AB acquired 65% of shares in Canadian stove manufacturer Miles Industries Ltd. The remaining shares will be acquired by 2026.

Miles Industries, a family-owned business, was established in 1977 by Garry Miles. Miles Industries is now owned by their sons Martin and Paul Miles who have been with the company for many years. Miles Industries sells its products under the Valor brand. It has a strong network in Canada and USA that has been established over many decades. This has resulted in a well-established market in North America. With around 80 employees, their operations are based out of Vancouver. The company has sales in excess of CAD 75 million and an operating profit that is clearly higher than 10%.

“It gives us great satisfaction to announce today that we have acquired 65% of the shares in Miles Industries including products sold under the Valor brand, which is one of the stove industry’s oldest and most well-known in the North American premium segment. This has been achieved thanks to the Miles family’s passion for constant development of new products, together with a focus on long-term customer relationships,” notes Gerteric Lindquist, Managing Director and CEO of NIBE Industrier.

“Martin and Paul Miles will continue to run the operations together with us, which is completely in line with our company philosophy,” adds Lindquist.

Miles Industries will be merged with NIBE Stoves and consolidated with NIBE starting 1 January 2023. The purchase price of the business is not known as it will be a small portion of the NIBE Group.

For more information, contact Gerteric Lundquist CEO or Hans Backman CFO at +46(0) 433-27 30 00.

This information was submitted by the contact persons above for publication on 13 January 2023, 18:10 CET.

NIBE Group – a global organisation with companies and a presence worldwide
NIBE Group, a global organisation, contributes to a smaller carbon footprint and better energy utilisation. In our three business areas – Climate Solutions, Element and Stoves – we develop, manufacture and market a wide range of environmentally-friendly, energy-efficient solutions for indoor climate comfort in all types of properties, plus components and solutions for intelligent heating and control in industry and infrastructure.

Since its beginnings in the town of Markaryd in the province of Småland 70 years ago, NIBE has grown into a global group with 20,400 (18,700) employees on average. Since its inception, the company has fostered a strong culture and passion for corporate responsibility. Its success factors are its long-term investments and strategic acquisitions. These factors, when combined, have resulted in strong, targeted growth that generated sales of just SEK 30 billion (SEK27 billion) by 2021.

Since 1997, NIBE has been listed on the Nasdaq Nordic Large Cap List under the name NIBE Industrier AB. A secondary listing was made on the SIX Swiss Exchange in 2011.

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