Carel takes 70% stake in Italian contractor14th June 2022
ITALY: Carel is to acquire 70% of the share capital of Sauber Srl, an Italian company offering commercial and domestic HVAC/humidification system installation and maintenance, for approximately €3.6m.
Based in Porto Mantovano (Mantua), Sauber was founded in 1993, employs 55 people and reported revenues of €7.6m in 2021.
Through its six divisions – Facility Management, Renewable Energies, Alarms and Fire Safety Systems, Energy Service Company, Automation and Electrical and Lighting – the company provides a full range of services with a special focus on energy efficiency.
According to Carel, the integration with Sauber will allow it to acquire important know-how thanks to the competent and dedicated resources in the company. It will also enable significant business synergies by combining the group’s large customer base and the increased ability to offer direct on-field service.
Carel’s purchase of the remaining 30% of Sauber, the valuation of which is linked to Sauber’s future performance, is governed by a cross-option mechanism between the parties, exercisable in 2025.