On July 6, 2022, NIBE Group acquired an additional 41% of the shares in Canadian wood stove company Pacific Energy Fireplace Products Inc., becoming the majority owner of the company. This follows NIBE’s initial purchase of a 10% stake in early 2021, with a plan to acquire the remaining shares by 2023. Pacific Energy, based in Duncan, Vancouver Island, Canada, was founded in 1978 and is a prominent player in the North American wood and gas stove market. The company generates approximately CAD 50 million in annual sales with an operating margin exceeding 10%, and employs around 170 people.

The acquisition is intended to strengthen NIBE's market position in North America. Pacific Energy, known for its strong reputation and extensive product range, will be integrated into NIBE’s Stoves business area. The remaining 49% of the shares are scheduled to be acquired in the first half of 2023.

Cassels Brock & Blackwell LLP acted for NIBE Stoves, while Blake, Cassels & Graydon LLP represented the shareholders of Pacific Energy Fireplace Products Ltd.