ITALY: Controls and humidification company Carel has acquired a further 30% stake in the sensor technology joint venture company Arion Srl, bringing its shareholding to 70%.
Based in Bolgare, near Bergamo, Italy, Arion was established in 2015 between Carel and Bridgeport SpA with the aim of developing sensor technology expressly dedicated to the air conditioning and refrigeration sectors.
Bridgeport’s sale of this stake to Carel brings the group’s total shareholding to 70%, while the remaining 30% is held by Bridgeport.
Carel says the transaction is consistent with its long-term vision of increasingly advanced sensors making equipment more efficient, more reliable and more connected with the eco-system in which they are inserted, also facilitating the activation of digital services. It will also allow for greater integration between Arion and CAREL, with an improved focus on those applications that are showing significant growth trends, while at the same time allowing for greater investments in terms of personnel and know-how.
Arion had revenues of €2.7m in 2021, EBITDA of approximately €500,000 and net cash of approximately €350,000. The consideration for the acquisition of 30% of the share capital of Arion was approximately €1.2m.