IMAP is pleased to announce that Capital West Partners – IMAP Canada has advised Miles Industries (“Miles”) on its sale to NIBE Industrier (“NIBE”).
Founded in 1977, Miles is the designer and manufacturer of premium Valor-branded stoves and fireplaces in North America. Miles’ focus on product innovation and long-term customer relationships has resulted in an industry-leading and well-established network of independent dealers across Canada and the US.
Headquartered in Markaryd, Sweden, NIBE is a global developer and manufacturer of sustainable indoor climate solutions and stoves.
Gerteric Lindquist, Managing Director and CEO of NIBE Industrier, commented
“It gives us great satisfaction to announce today that we have acquired 65% of the shares in Miles Industries including products sold under the Valor brand, which is one of the stove industry’s oldest and most well-known in the North American premium segment. This has been achieved thanks to the Miles family’s passion for constant development of new products, together with a focus on long-term customer relationships. Martin and Paul Miles will continue to run the operations together with us, which is completely in line with our company philosophy,” adds Lindquist.
Capital West Partners – IMAP Canada’s team in Vancouver acted as exclusive financial advisor to Miles on this transaction and ran a competitive process that generated interest from financial and strategic buyers.