Lu-Ve acquires remaining 25% stake in Refrion

ITALY: Lu-Ve Group has acquired the remaining 25% of Refrion Srl, the Italian producer of air-cooled condensers, dry coolers and coils, having acquired a majority interest in 2022.

The original €8.1m 75% deal included an option for Lu-Ve to purchase the remaining 25% share over the following five years from Refrion founder Daniele Stolfo and director Felix Siegfried Riedel

The move follows the finalisation of the merger of Lu-Ve’s SEST SpA and Air Hex Alonte Srl subsidiaries. The merger, which was agreed by the board in June.

SEST, a leading producer of heat exchanger finned coils for the commercial refrigeration and air conditioning, became part of the Lu-Ve Group in 1991. Air Hex Alonte’s adoption into the Lu-Ve group was the result of the acquisition of Alfa Laval’s air products business in 2018.