IMI (LON: IMI) has agreed to buy Italian building-automation firm iSMA CONTROLLI for an enterprise value of €63m, the company announced at 7am today. The Birmingham-based FTSE 100 engineering group, which makes valves, actuators and motion and fluid control products, will fund the cash purchase from existing facilities.
IMI shares were at 3142p at 09:16 UK time on delayed prices, down 6p or 0.19% from yesterday’s close of 3148p. They opened at 3202p, which was also the day’s high, and have dipped to 3118p. That opening level was above the previous 52-week high of 3192p, set on the 29th of September, though the figure is provisional.
iSMA is more than 85 years old and makes control valves, actuators and building management systems, with manufacturing in Genoa and Gdansk. It joins IMI’s Climate Control division. The sellers are existing shareholders, including B.group, and management. Completion is expected in the fourth quarter of 2026, subject to customary regulatory approvals.
IMI said iSMA’s open, scalable platform widens its smart-connected range for monitoring, optimisation and control in commercial buildings, and targets underserved small and medium commercial buildings. Chief executive Roy Twite put it this way:
The acquisition aligns IMI even more closely with the long-term megatrends of Energy and Automation, and strengthens our ability to deliver smart‑connected solutions that help customers optimise building performance, improve energy efficiency and lower operating costs.
Roy Twite, CEO, IMI
iSMA expects revenue of about €40m and operating profit of about €4.5m for 2026, the year to the 31st of December. On our calculation that puts the price at about 1.6 times revenue and 14 times operating profit, with an operating margin of about 11%. Against IMI’s market value of about £7.4bn, the deal is small. IMI disclosed no EBITDA, earnings accretion, net debt or integration costs.
The shares sit above their 50-day average of 3066.64p and 200-day average of 2854.62p. Monday’s close of 3150p was their highest in three months.
IMI’s next scheduled catalyst is full-year results, expected on the 26th of February 2027. The date has not been confirmed by the company.
