AVK acquires majority share of Fusion Group Limited
The directors of Fusion Group Limited are pleased to announce that leading gas and water industry manufacturer and solutions provider AVK Holdings A/S, has acquired the majority share of Fusion Group Ltd for an undisclosed sum in a move that creates one of the UK’s largest gas and water sector products suppliers. The combined turnover of the AVK UK activities and Fusion Group Limited operation will be in excess of £75 million, and will supply gas and water markets around the world.
AVK Group manufactures and supplies valves, fittings and related products for the worldwide gas, water and industrial sectors, and has a turnover more than £450 million. AVK in the UK has a turnover of more than £45 million and 250 employees and promotes its business through the trusted brands of Donkin, the Chesterfield based gas valve manufacturer, as well as Glenfield, Invicta, Orbinox and Damper Technology.
Fusion Group Ltd based in Chesterfield, England, was founded in 1971 by Chairman Eric Bridgstock, a pioneer in the adoption of polyethylene pipe for gas networks. It specialises in a broad range of polyethylene electrofusion fittings and related products, also for the global gas and water sectors, and has a turnover more than £30 million, with 320 employees.
Fusion Group Ltd will continue to operate under its own brand with Kevin Raine Fusion Group Managing Director and Neil Green Financial Director remaining with the business to support and drive the future growth strategy.
Paul Hubbard, Chairman of the AVK UK Group and AVK Group Director, says: “AVK and Fusion Group Ltd are a perfect match, serving the same gas and water markets with entirely complementary products which are often used in the same installation. This will benefit our customers worldwide, with enhanced service offers, broader product offer, a wider customer base, product development and a strengthened manufacturing platform. The acquisition will create greater career opportunities for all employees.
“Both companies work in a safety-critical sector where many customers literally connect AVK products into the mains networks using Fusion Group Ltd products; when they are joined together their shared high standards of design and manufacture are there for all to see.”
Kevin Raine, Group Managing Director at Fusion Group Ltd, adds “We envisage great potential for both businesses the synergies are obvious and will help each other to improve their customers’ experience. AVK and Fusion are leaders in their field and both have well established and trusted brands.
“Both companies benefit from lean manufacturing programmes; AVK have well-established manufacturing facilities and distribution in the UK and Europe, Middle East, China, Australia, America and South Africa; and are well positioned for further growth.”
Fusion Group Ltd has production sites in the UK, China and Egypt and their key markets include China, Europe, Middle East, South America and Australia. To compliment the Fusion Group Ltd offer, AVK has plastics production sites in Denmark, the Netherlands and China which manufacture PE ball valves for the global gas industry.
Paul Hubbard adds: “It has been decided that there will be no change to way the companies operate. We expect customers to benefit from each company’s reputation, knowledge and experience. While they will operate as totally separate business with great synergies, AVK and Fusion can work together in ways the customer can only benefit.”