Cheltenham-based Spirax-Sarco Engineering plc has confirmed the completion of its acquisition of the Vulcanic Group of Companies.

The thermal energy management and niche pumping specialist announced its intent to acquire on July 4 and an update on the signing of a binding definitive agreement was provided on July 25.

The acquisition consideration was €261.7 million on a cash and debt free basis. In the year ended 31st December 2021, Vulcanic recorded revenues of €89.4 million, EBITDA of €17.6 million and EBIT of €16.0 million on an adjusted pro-forma basis and including the full year performance of EML, a small acquisition made by Vulcanic in December 2021.

For the 12 months to 31st August 2022 and on a comparable basis, revenues were €99.9 million, EBITDA was €19.9 million and EBIT was €17.8 million.

Earlier this week, Spirax-Sarco also announced the acquisition of Durex International Corporation, a privately-owned US-based specialist of custom electric thermal solutions for ultra-high criticality industrial equipment.

Vulcanic and Durex will form part of the Group's Electric Thermal Solutions Business (ETS), adding more than 1,100 colleagues and strengthening ETS' coverage of attractive end-market sectors and geographies to accelerate growth.

ETS will serve the market through multiple brands, supported by regional manufacturing capability from 20 facilities worldwide.

Chromalox and Vulcanic will be the lead brands for electric heating solutions for critical applications of industrial processes, including the decarbonisation of those processes.

Thermocoax and Durex will be the lead brands of ultra-critical electric heating solutions for industrial equipment.