Lindab International AB acquires HAS-Vent Holdings Limited (2023)

Deal facts

Buyer: Lindab International AB
Target: HAS-Vent Holdings Limited
Deal value: Not disclosed
Announced: 13 November 2023
Status: In review
Sector: Construction & Materials
Country: United Kingdom
Consideration: Not stated

Sources

UK_CMA_GOVUK

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Deal timeline

1 update

13 Nov 2023CMA Phase 1 launched
Lindab / HAS-Vent merger inquiry
The Competition and Markets Authority (CMA) investigated the completed acquisition by Lindab International AB of HAS-Vent Holdings Limited. Phase 2 Administrative timetable Referral date: 3 May 2024 Statutory deadline: 17 October 2024 Administrative timetable (PDF, 122KB) (16.5.24) Contact general.enquiries@cma.gov.uk Case closure summary 3 July 2025: On 1 July 2025,
UK CMA

OpinionExit Mode editorial

We see a clear strategic signal in Lindab International AB's move to acquire HAS-Vent Holdings Limited, announced on 13 November 2023. This cross-border transaction between a Swedish buyer and a UK target in the Construction and Materials sector highlights a continued appetite for consolidation within the ventilation and building systems market. The deal is currently in review, which is a standard but critical phase for any acquisition of this nature. For the SME founder reading this, the fact that the deal is in review rather than closed means that regulatory clearance remains the primary hurdle. You must understand that a Swedish acquirer buying a UK entity triggers specific scrutiny under UK competition law, and potentially EU rules if thresholds are met.

The absence of a disclosed value or currency in the announcement is typical for deals still under regulatory assessment. It suggests the parties are prioritising regulatory alignment over public valuation metrics at this stage. This is a prudent approach. When a deal sits in review, the focus shifts entirely to the mechanics of approval. We expect the Competition and Markets Authority to examine whether this combination creates a substantial lessening of competition in the UK market. The buyer will need to demonstrate that the acquisition does not harm consumer choice or drive up prices for building materials. This is not a formality; it is a substantive test that can delay completion or force structural remedies.

Founders should note that the strategic nature of this acquisition implies Lindab is seeking immediate market share or specific technical capabilities that HAS-Vent possesses. However, the in-review status introduces a period of uncertainty where the seller must maintain business stability while regulators assess the competitive landscape. This is a delicate balance. Any perception of market dominance or anti-competitive behaviour during this window can jeopardise the entire transaction. The buyer and seller must navigate change-of-control covenants carefully to ensure that day-to-day operations do not trigger early warnings or complaints from competitors.

Your immediate action this week is to audit your own customer concentration data and prepare a clear narrative on how your market share is calculated. If you are in a similar position, regulators will look at these figures first to determine if a deal clears. Do not wait for the acquirer to ask. Have your evidence ready to prove that your acquisition will not reduce competition in your specific sector.

Editorial opinion. Not financial or legal advice.

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