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HVACR investor buys Roen Est

ITALY: Roen Est, a heat exchanger manufacturer in Ronchi dei Legionari, near Trieste airport, has been acquired by private equity investor CCC Holdings Europe (CCCHE).

Roen Est was established in 1983 as a manufacturer of finned pack heat exchangers. Today the company provides broad array of equipment including unit coolers, remote condensers and shell and tube products. Revenues in 2019 were €35m from two factories in Italy and Slovakia. It has around 400 employees.

CCC Holdings Europe was formed in 2018 by a number of former Carrier air conditioning and refrigeration managers with a focus on investing in HVACR companies. Roen Est is said to be the first of three to five companies that CCCHE is planning to acquire over the next two years. It claims to be already in advanced conversations with several other potential acquisitions.

“The HVACR industry in Europe presents large opportunities for growth and consolidation,” said Greg Deldicque, chairman and CEO of CCCHE, who spent 13 years at UTC, latterly as VP and general manager of its Carrier Refrigeration Mechanical Systems business.

CCCHE says it looks to make control investments in middle-market European HVACR companies with revenues between €10m and €150m. Investments span OEM/manufacturing, service/installation, and wholesale/distribution companies.

Related stories:

Private equity firm has HVACR focus19 September 2018
USA: A number of former Carrier management personnel are involved in a new private equity firm focused on the HVAC and refrigeration market. Read more…

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