ITALY/USA: Italian refrigeration controls and humidification company Carel is to acquire the US sensor manufacturer Senva Inc.
Founded in 2007 and based in Beaverton, Oregon, Senva specialises in the design and production of a wide range of sensors, chiefly in the air conditioning and ventilation sectors, and with a specific line dedicated to indoor air quality launched in 2021.
The company has a production facility of about 2,500m2 and is in the process of expanding to a new 3,250m2 facility with a new research laboratory.
Revenues in 2021 were $12.7m with a workforce of approximately 65.
Valued at $34m, the acquisition includes all Senva Inc’s business and is made through a special purpose vehicle held by Carel’s US subsidiary Carel USA Inc. Carel will also make an additional payment of up to $4m tied to certain EBITDA results.
Carel claims “numerous” synergies through the integration of the two companies with regard to products, reinforcing Carel’s vision as a single supplier of diversified solutions for the HVAC sector. It also sees the combined know-how leading to an increasingly sophisticated product offering (greater connectivity, innovation and customisation).
This marks Carel’s first strategic industrial acquisition in the US and, as well as creating opportunities in terms of cross-selling in Europe/North America, Carel sees the purchase opening up underserved sales channels, such as contractors. The company also sees Senva’s increased production capacity enabling future production expansion of Carel-branded items.
Announcing the acquisition, Carel Group CEO Francesco Nalini said that the deal further confirmed the company’s commitment to its growth objectives through M&A.
“The acquisition of Senva underscores the Group’s interest in growing and consolidating its presence in the United States, but is also part of a process of expansion in the advanced sensor sector (which we have been pursuing with the Arion transaction closed in April) that will be increasingly important in the design of energy-efficient, environmentally sustainable machines,” he said.
Carel increases stake in sensor company Arion – 19 April 2022
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%. Read more…