The head of the supervisory board will in future be a member of Ariston’s supervisory board.
(Photo: Centrotec)
Rome For the Ariston Group, it is the largest takeover in the company’s history: the holding company, which is listed on the Milan Stock Exchange and is based in the Netherlands, is taking over the German company Centrotec Climate Systems. Several well-known brands are changing hands: the heat pump manufacturer Wolf, the company Brink, which specializes in room fans, the air conditioning manufacturer Pro Klima and the fan manufacturer Nedair.
As Ariston announced on Thursday evening, a binding letter of intent has been signed. The group, which is majority-controlled by the Italian family Merloni, wants to put 703 million euros in cash on the table. In return, Centrotec is to take over around 41 million shares from Ariston and would thus have a stake of around eleven percent in the group. At the current market value, the deal, which should be completed by the end of the year, is worth more than one billion euros.
Centrotec Climate Systems is one of the leading manufacturers of heating, ventilation and air conditioning systems. Around 2,500 people work for the group of companies, which operates production plants in Germany, the Netherlands and Croatia. Last year, the companies together generated sales of around 600 million euros. In the first half of 2022, adjusted profit (EBITDA) was around 84 million euros.
Ariston is one of the world’s leading heating specialists. Founded in 1930 in the Italian region of Marche, the group today employs 8,000 people worldwide, has 25 production sites and is represented in 43 countries. In the past ten years, the group has grown strongly through acquisitions, especially in North America. In 2021, sales were almost two billion euros.
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As a result of the takeover, Germany will be the largest market for the group in the future. This will reinforce Ariston’s “leadership position” to address the challenge of “shaping the new era of energy transition in Europe,” said Executive Chairman Paolo Merloni.
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The previous CEO of Centrotec Climate Systems remains: Thomas Kneip. If the shareholders and the antitrust authorities approve the merger, Supervisory Board Chairman Guido Krass will also move into Ariston’s supervisory body. “Ariston is known internationally as a trusted partner in providing energy efficient and renewable heating and hot water solutions,” says Krass.
The company is thus the “best partner” to continue and strengthen the growth course of Centrotec Climate Systems. Already in the first year, Ariston is expecting synergy effects worth 20 to 25 million euros. In the medium term, “high single-digit growth” is expected for Centrotec.
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