IMI (LSE:IMI) has agreed to acquire iSMA CONTROLLI for an enterprise value of €63m, buying the Italian building automation specialist from its current shareholders, including B.group and members of its management team.
iSMA CONTROLLI makes intelligent building automation systems, IMI highlighted, noting that it will join IMI's Climate Control sector, which has been reporting rising demand for data centre and commercial building solutions.
The target is expected to generate revenue of approximately €40m and operating profit of approximately €4.5m in the financial year ending 31 December.
IMI is funding the cash consideration from its existing facilities, and expects completion in the fourth quarter of 2026, subject to customary regulatory approvals.
The deal follows July's half-year results statement, which showed Climate Control demand strengthening, with data centre orders reaching £18m in the first half of 2026, up from £6m a year earlier, as part of broader organic revenue growth of 5%.
Roy Twite, chief executive of IMI, today, said the acquisition "aligns IMI even more closely with the long-term megatrends of Energy and Automation" and strengthens its ability to deliver smart-connected solutions for building performance and energy efficiency, adding that iSMA CONTROLLI is "particularly well positioned to address the needs of underserved small and medium-sized commercial buildings."
Michele Monacelli, chief executive of iSMA CONTROLLI, said joining IMI "marks an exciting new chapter," pointing to shared values of "customer proximity, quality, competence and long-term vision."
IMI's next scheduled trading update falls on 29 October, when investors will get an early read on how the iSMA CONTROLLI integration is shaping up alongside the group's full-year guidance of 136p to 142p adjusted basic earnings per share.