AUSTRIA: AHT Cooling Systems, the Austrian manufacturer of commercial plug-in refrigeration equipment, has been bought by private equity group Bridgepoint for €585m.

The deal reached today with AHT’s current owners Quadriga Capital is expected to be completed in October.

The AHT Cooling Systems (UK) facility in Buckingham

The AHT Cooling Systems (UK) facility in Buckingham

Headquartered in Rottenmann, Austria, AHT currently operates two production sites in Austria and China, and employs 1,100 people. It also provides a comprehensive after-sales and service network with a presence in over 113 countries

The company has generated a compound 10-year revenue growth of 10% and in 2013 is forecast to generate over €330m in sales.

“AHT is at an attractive point in its development given the already solid continued growth of its core product offering,” commented Marc Zügel, Bridgepoint’s head of investment activities in Germany, Austria and Switzerland.

“Bridgepoint’s investment will support us in our strategy of further internationalisation, especially in emerging markets, taking AHT’s technology and after-sales service to new customers in our key target markets of Asia and Latin America,” added AHT ceo Hans Aage Joergensen.

The company’s UK subsidiary AHT Cooling Systems (UK), based in Buckingham is the former Caravell UK business bought by AHT in 2008.