In a statement to the stock market, Polypipe said the purchase will be financed using a combination of existing cash from the balance sheet and new debt and is expected to complete by the end of the month.
Polypipe boss David Hall said: “We have long been an admirer of Nuaire and this acquisition provides a perfect fit for us.”
He said the deal would expand his firm’s product platform and market reach within the ventilation sector. This part of the business, he said, is just one of the divisions “being positively impacted by environmental legislative change”.
“Nuaire will continue to operate as an independent division, as we leverage the capabilities of the combined group to drive growth, bringing more choice to our broader customer base,” he added.