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Kingspan buys Colt Group, expanding its light and air division

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Gene Murtagh, CEO of Kingspan

Gene Murtagh, CEO of Kingspan

Gene Murtagh, CEO of Kingspan

Insulation giant Kingspan is to buy Colt Group, a UK-headquartered smoke control, solar shading, ventilation and climate tech products company.

The terms of the deal have not been disclosed.

Following completion of the acquisition, the Colt Group will become part of the Kingspan light and air (KLA) division.

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”.

A private company, which was founded in 1931, Colt has £180m in annual revenue.

It has 1,000 employees in 15 countries.

Flor O'Donoghue, analyst at Davy Stockbrokers, said the prospective acquisition represents a “significant expansion” for Kingspan’s light and air division.

“The deal is expected to be completed by mid-April and will increase the division’s annual revenue base by circa 60pc to over €500m,” he added.

Cavan-headquartered Kingspan set up its light and air division in 2016.

Online Editors