Nibe acquires remaining shares in Rhoss
SWEDEN/ITALY: Swedish HVAC manufacturer Nibe has acquired the remaining 55% of shares in Rhoss SpA.
Founded in 1968 and based in Codroipo, north east of Venice, Rhoss is one of Italy’s leading manufacturers of ventilation and air conditioning equipment intended for commercial, institutional and industrial applications.
Nibe acquired 45% of the shares in November last year with an option to acquire the remaining 55%. Having now decided to take up that option, Rhoss will become a wholly-owned subsidiary from January 2019.
Rhoss has sales of around €68m, with an operating margin before depreciation of just over 5%. Its domestic market accounts for around 45% of sales.
“We are increasing our rate of investment in climate control of large properties and our presence on this interesting market via our own platform in Europe,” said Gerteric Lindquist, group CEO of NIBE.
“When Rhoss becomes a wholly-owned subsidiary, we will also be able to take the usual measures to improve the operating margin to achieve the Group target of 10% within an 18-24 month period.”
Rhoss SpA will be consolidated into the Nibe Climate Solutions business. Nice says the purchase price is not specified because the acquired business will constitute a small part of the Nibe Group.