Carel acquires 51% of Turkish partner
ITALY: Carel Industries is to acquire 51% of CFM Soğutma ve Otomasyon AS, a long-standing Turkish distributor and partner.
CFM is a leading company in industrial cooling, air conditioning, building management systems, industrial and automation software. With a 6,500m2 facility in Izmir, CFM has 34 employees.
The company offers complete solutions, from system design and technical support during the start-up phase of the plants up to remote monitoring and supervision services.
In 2020, CFM reported revenues of €14.5m and EBITDA of €5.0m.
The acquisition of 51% of the share capital of CFM values the company at €23.1m. The acquisition by Carel of the remaining 49% of CFM, the valuation of which is tied to CFM future results, is governed by a cross-option mechanism between the parties, exercisable between 2024 and 2027.
The acquisition will allow Carel to establish a direct presence in the important Turkish market and to have a solid platform at the service of the development of the Middle East. It will also adopt this distinctive business model, characterised by a wide range of complementary services, and to further develop its potential in synergy with its hardware, IoT and thermodynamic competences.
