Rettig ICC completes acquisition of Emmeti S.p.A.
Rettig ICC has completed the acquisition of Emmeti S.p.A., the Italian heating, ventilation and air conditioning company (HVAC). The acquisition supports Rettig ICC’s growth and innovation strategy as it brings new technologies to the company’s indoor climate comfort offering, strengthens Rettig ICC’s position on the growing underfloor heating market and takes Rettig ICC into new geographical markets.
“Our customers are shifting towards more integrated HVAC systems and demand for more energy efficient buildings is growing. At the same time, the market of Rettig ICC is consolidating. The acquisition of Emmeti is therefore strategically important for Rettig ICC as it allows us to expand our offering of energy efficient indoor climate comfort solutions and to enter new geographies. With its 20,000 customers globally, turnover of about EUR 109 million in 2014 and 320 highly skilled employees, we look forward to completing the integration of Emmeti by the second half of 2016”, said Neil Macpherson, CEO of Rettig ICC.
The acquisition of Emmeti supports Rettig ICC’s ambition to diversify its indoor climate comfort offering from traditional steel panel radiators to higher-growth underfloor heating (UFH), pipe fittings and controls. Emmeti also brings new technologies and businesses through its heat pump, air conditioning and solar panel business.
Whereas Rettig ICC has traditionally been strong in most parts of Europe apart from the south, Emmeti has a particularly strong market position in Italy. Emmeti has also a strong customer base in several other markets, such as Brazil and Spain, where Rettig ICC has no or limited presence.
Significant synergies are expected to be achieved given the complementary geographical presence and the good fit between the production facilities of Rettig ICC and Emmeti. Emmeti has three manufacturing plants in Northern Italy, one of which is in Brescia (FIV S.r.l.), the heart of the Italian brass processing district.
The Italian private equity investor PM&Partners and Mario Martin, co-founder and CEO of Emmeti, are the sellers of Emmeti. Following completion of the acquisition, Rettig ICC holds 91 % and Mario Martin 9 % of the shares in Emmeti S.p.A. Mario Martin becomes a member of the Rettig ICC management team reporting to the CEO of Rettig ICC.
For further information contact:
Hans Sohlström, President and CEO of Rettig Group, Chairman of Rettig ICC: Tel. +358 (0)40 7455276
Neil Macpherson, CEO of Rettig ICC: Tel. +44 191 4917301
Rettig ICC b.v., part of Rettig Group Ltd., is Europe’s leading supplier of heat emitters and indoor climate comfort. Until the completion of the acquisition, the company had 15 plants in 11 countries with focus on design, manufacturing and supply of radiators, underfloor heating, valves and controls to more than 50 countries. In 2014 Rettig ICC generated turnover of about EUR 554 million. www.rettigicc.com
Emmeti Group, established in 1976, is a leading Northern Italian manufacturer of advanced and energy efficient systems for heating, plumbing and air conditioning. The company is headquartered in Vigonovo di Fontanafredda near Venice in Italy, and has three production plants in northern Italy. With about 20,000 installer and wholesale customers globally, turnover in 2014 was EUR 109 million and the company employed about 320 employees. Until the completion of the acquisition, the company was owned by PM&Partners (65 %) and Mario Martin (35 %). www.emmeti.com