Engineering group IMI is set to complete its third acquisition in a year with the purchase of a majority stake in Swiss indoor water conditioning manufacturer Pneumatex.

IMI bought the 70% shareholding for CHF 38 million (£15.5 million) in cash, with a performance-related payment of some CHF 5 million due in 2009.

Completion is subject to regulatory clearances and is expected to take place within the next two months with the group expecting to acquire the remaining 30% in the next three years.

IMI’s executive director, David Nicholas, said: “With complementary products and the same systems approach towards commercial buildings, synergies will yield greater energy efficiency and control.”

Last year, Pneumatex had sales of CHF 63 million and an ebitda of CHF 7.5 million. The value of the net operating assets to be acquired is CHF 24 million.

Pneumatex provides hydro systems to optimise a building’s heating, cooling and water management. It is has 250 staff across Europe and is based in Basle.

The company’s products, which include active and passive pressurisation equipment and dirt and air separators, are used to improve balancing valve performance.