Halma acquires FirePro for €150 million
28.03.2023 - Halma, the global group of life-saving technology companies, today announces that it has acquired FirePro.
Headquartered in Limassol, Cyprus, FirePro is a leading designer and manufacturer of aerosol fire suppression systems. Its systems protect people, critical infrastructure and equipment from fire using a non-pressurised condensed aerosol technology which does not contain ozone depleting substances or fluorinated greenhouse gases and extinguishes fire without causing damage to the environment. FirePro’s products, for which it holds several patents, have been installed in over 110 countries, across a broad range of industries and applications, and have listings and approvals with certified bodies around the world.
“Fire safety technology plays a key role in protecting people and their environment,” said Avgoustinos Avgousti, Managing Director of FirePro. “By joining Halma, we gain access to new capabilities and collaborative opportunities with a global group of businesses which is aligned with FirePro’s purpose of protecting human life.”
FirePro broadens the range of fire safety technologies within Halma’s Safety sector. Its products offer the following benefits to customers:
- A sustainable alternative to pressurised gas fire suppression systems: FirePro’s FPC solid compound uses naturally occurring potassium salts that contain no ozone depleting substances or fluorinated greenhouse gases. The technology can be installed much faster than traditional gas systems because no pipework or pressurised testing is required.
- A commitment to certifications and standards: FirePro holds 12 registrations from 10 globally recognised certification bodies, seeing its products installed in over 110 countries, with distribution partners in 94 countries. Specifically, the FirePro solution (referred to as Powdered Aerosol E) is listed as an acceptable agent in the Significant New Alternative Policy (SNAP). FirePro’s solution has been assessed by GEN (Global Eco-labelling Network) and carries the Green Label Certificate.
- Flexible technology with a broad range of applications: FirePro systems protect assets and people in a wide variety of applications, with examples including emergency power and electrical equipment found in industrial buildings, hospitals, stadiums, commercial vehicles and, more recently, lithium-ion battery power storage, a critical part of the energy transition.
“The acquisition of FirePro represents a valuable addition to our portfolio of fire detection and suppression solutions. Its technologies provide a sustainable alternative to established pressurised gas fire suppression solutions”, said Andrew Williams, Group Chief Executive of Halma. ”There are strong opportunities for growth in its existing market niches, driven by higher regulatory standards, and the adoption of new technologies for renewable energy are creating new opportunities for growth. We are delighted to welcome FirePro to Halma and look forward to working with the team to expand FirePro’s global impact.”
The consideration for FirePro is €150m (approximately £132m) on a cash- and debt-free basis. FirePro’s unaudited revenue for the 12 months to 31 December 2022 was €23.3m (approximately £21m), with Return on Sales more than double Halma’s target range of 18-22%. The consideration will be paid in cash and funded from Halma’s existing facilities. FirePro will operate as a standalone company within Halma’s Safety sector and continue to be led by its current management team.
The acquisition is part of Halma’s growth strategy to acquire businesses aligned with its purpose of growing a safer, cleaner, healthier future for everyone every day. Halma has completed a total of seven acquisitions so far this financial year.