On January 13, 2023, NIBE Stoves Canada Corp., a Canadian subsidiary of NIBE Industrier AB (Publ), a Swedish international heating technology company, completed the first tranche of its two-step acquisition of 100% of the shares of Miles Industries Ltd., a manufacturer and distributor of residential and commercial fireplaces, stoves and other heating products primarily under the Valour brand. In this first tranche, NIBE Stoves acquired 65% of the shares of Miles Industries. Subject to certain customary closing conditions, NIBE Stoves will acquire the balance of the shares of Miles Industries in 2025.
Cassels acted for NIBE Stoves.