GEA to sell French contracting business
GERMANY/FRANCE: GEA has entered into exclusive negotiations regarding the potential sale of its refrigeration contracting operations in France to French contractor Syclef.
GEA Refrigeration France SAS, based in Les Sorinières, near Nantes, provides customised refrigeration solutions for industrial customers. The company, with about 230 employees, generated revenues of about €75m in 2020.
A leading company specialising in the installation and maintenance of industrial and commercial refrigeration systems, Syclef was founded in 2003 near Aix-en-Provence. The company was acquired by private investment firm Ardian last year, and, since 2015, has acquired 15 companies.
According to GEA, its French operation does not “sustainably reach” its margin targets.
The potential transaction marks the conclusion of GEA’s portfolio review that was initiated in 2019. In June last year, GEA sold its refrigeration contracting operations in Spain and Italy to French company Clauger. In February, the company concluded the sale of its Bock compressor business to to German private equity business Nord Holding.
GEA maintains that its compressor sales business in France is not part of the proposed transaction and will be retained by GEA.
A potential closing is not expected before Q1 2022.