Engie acquires German ac firm OTTO
GERMANY: Engie Deutschland has acquired German air conditioning and ventilation company OTTO Luft- und Klimatechnik.
The deal was reached with OTTO’s majority shareholders, the private equity firm Equistone Partners Europe who acquired the business in 2014. A minority investment was retained by Hartmut Otto Jr, the son of the company’s founder.
OTTO was founded in 1967 and has established itself as a market leader in Germany. In addition to its headquarters in Bad Berleburg, North Rhine-Westphalia, the company operates a further 11 locations across Germany. The company generates annual revenues of approximately €120m and employs 700 people.
During Equistone’s ownership, the business strengthened its presence through the opening of multiple new locations in Germany. In addition, OTTO achieved organic growth, increasing revenues and output by more than 50% and doubling the number of employees.
The range of services includes indoor air system solutions for comfort and industrial buildings as well as clean rooms and tailor-made service and maintenance services. In addition to engineering and planning expertise, the company also has a high level of added value in assembly, most of which is carried out with its own specialist staff.
Engie Germany is one of the leading companies for technical building equipment, facility services, industrial refrigeration technology and energy services in Germany. The company is part of the global Engie Group and generated sales of €1.9bn in 2017 with around 3,000 employees.