(Finance) – Ariston Holding announces the signing of a binding agreement for the acquisition of 100% of CENTROTEC Climate Systemsleader in the supply of solutions for heating, ventilation, air treatment and combined generation of heat and energy with the brands Wolf, Brink, Pro-Klima and Ned Air, which join the premium brands of Ariston Group, Elco and ATAG, to generate further growth opportunities and synergies.
CENTROTEC employs around 2,500 people and is well positioned in Germany and the Netherlands and with a significant presence in other European markets. Production takes place in Germany, the Netherlands and Croatia. In 2021 it recorded revenues of € 599 million and an adjusted EBITDA of € 84.8 million.
For Ariston it is thelargest acquisition in its history and represents a significant step in the development of sustainable solutions for heating and in the Group’s strategy on ESG issues, thanks to the strengthening of new generation heat pumps with natural refrigerants and expansion opportunities in ventilation.
Thanks to the synergies generated, the operation will contribute positively to EPS as early as the first year; the Group estimated synergies for a value of 20-25 million euros when fully operational. It also provides a high-single-digit growth for the acquired perimeter in the medium term, due to the geographical exposure and the product portfolio of CENTROTEC Climate Systems.
The corresponding is equal to 703 million euros in cash and approximately 41.42 million Ariston shares. The closing expected by December 31, 2022.