Ariston completes Centrotec acquisition3rd January 2023
NETHERLANDS: Heating equipment manufacturer Ariston has completed the acquisition of Centrotec Climate Systems GmbH from the German HVAC company Centrotec SE.
The acquired group includes the German R290 heat pump manufacturer Wolf and the Croatian Pro-Klima and Dutch Ned Air air handling businesses. It also includes Brink, a prominent European player in domestic heat recovery ventilation.
The acquisition price is €635.05m in cash, plus 41,416,667 Ariston Holding NV shares.
Centrotec Climate Systems has around 2,500 employees and commands a strong position in Germany and the Netherlands and a significant presence in other European markets. The company achieved sales of €599m in 2021 and recorded an adjusted EBITDA of €84.8m.
Ariston revenues were around €2bn in 2021. Its heating brands include Elco and ATAG.