Glen Dimplex, the industrial and heating group controlled by the Naughton family, has acquired a British software company for an undisclosed sum.
The Dublin-based company last week acquired SmarterDM, a Reading company specializing in systems to help hotels and other large businesses minimize their energy consumption by using software and other technology to control heating.
The deal, which brings a team of 15 software engineers into the orbit of Glen Dimplex, is part of the Irish group’s bid to reposition itself as a supplier of electrified heating systems to help businesses transition to practices more durable.
Glen Dimplex, which recently negotiated a credit facility with the European Investment Bank (EIB) to help fund new acquisitions, says the SmarterDM deal will give it access to the budget hotel and lodging sector student, opening new avenues for the sale of its heating and ventilation systems. The British company also designs systems to control energy consumption in the home.
“Hotels can save 40% of their energy costs by using this type of software,” said Fergal Leamy, managing director of Glen Dimplex. “It’s not the type of business we would have acquired in the past and it’s a good example of how we’re trying to reposition Glen Dimplex.”
Glen Dimplex declined to comment on the value of the deal, although Mr Leamy suggested it was not a significant transaction. Accounts filed in the UK suggest his net assets were below £1million in 2020.
Glen Dimplex is well known for many of its consumer units, such as Morphy Richards appliance brands, Roberts radios and Belling cookers. The company targets most of its future growth in the area of heating and ventilation systems, such as electric heat pumps which are considered essential to reduce carbon emissions from the residential real estate sector.
The group, founded almost 50 years ago by Martin Naughton, has a turnover of around 1.5 billion euros and employs 8,000 people.