Rettig Group-backed Purmo Group to go public via a SPAC merger with Virala Acquisition Company in a $814m deal.

Rettig Group-backed Purmo Group, an internationally company in sustainable indoor climate comfort solutions, agreed to go public via a SPAC merger with Virala Acquisition Company in a $814m deal. The completion of the merger is expected to occur by the end of December 2021. After completion, the existing owners of VAC will hold 26.7%, and the existing owners of Purmo Group will hold 73.3% of the combined company. “Today’s announcement is an important milestone in the transformation of Rettig Group and our largest portfolio company Purmo Group. We have worked closely with Purmo Group’s management team and Board of Directors over the recent years in creating a strong and cost-competitive company positioned for growth, with a clear strategic roadmap. The contemplated stock exchange listing will support Purmo Group in realising its full potential in many important ways, e.g. by enabling the company to accelerate its M&A agenda," Matts Rosenberg, Rettig CEO.