GWA SELLS BRIVIS CLIMATE SYSTEMS
Written on the 15 December 2014
GWA Group Limited (ASX: GWA) has announced it has reached an agreement for the sale of Brivis Climate Systems.
The Brisbane headquartered supplier of fixtures and fittings to households and commercial premises has entered into a binding agreement to sell Brivis to Rinnai Australia (or nominee), a subsidiary of Rinnai Corporation.
The transaction is expected to complete in early February 2015 for a sale price of $49 million.
This price is on a debt and cash free basis and a statement released by GWA states it is in line with the book value of the company.
Rinnai Corporation is listed on the Tokyo Stock Exchange and is a major international manufacturer and supplier of gas appliances.
The GWA Board has previously identified Brivis as a non-core asset following a strategic review and was advised of the sale by Greenstone Partners and Clayton Utz.