This transaction confirms the ability of the Carel Group to pursue its growth objectives through strategic M&A actions. Image credit: Carel

This transaction confirms the ability of the Carel Group to pursue its growth objectives through strategic M&A actions. Image credit: Carel

Carel Industries S.p.A. has announced the acquisition of 100% of the share capital of Klingenburg GmbH and Klingenburg International Sp. Z.o.o., leading producers of a wide range of products used mainly for heat recovery in ventilation and humidification systems, adiabatic cooling and air purification.

The two companies are European leaders in the production and sale of rotary and plate heat exchangers, essential elements in the recovery of heat and therefore in guaranteeing significant energy savings in ventilation systems.

In particular, the main advantages of rotary technology, making up most of Klingenburg’s business (and for which also benefit from product and production process patents), are associated with the ability to treat large amounts of air while maintaining compactness and high efficiency of the component. They are used in multiple applications: in addition to being used in air handling units in residential and commercial buildings, the rotary heat exchangers are widely used in various industrial processes. Klingenburg also offers solutions for humidification (mainly for indirect adiabatic cooling) and the sanification of the air through UV technology, together with services in support of product solutions offered.

The companies employ around 200 employees and have two production facilities available, one is in Germany and one in Poland. They boast a direct commercial presence also in the United Kingdom, in Spain and in the United States. Aggregated revenues at 31 December 2021 amount to approximately Euro 39.1 million with an EBITDA of Euro 2.4 million and net cash of Euro 4.8 million.

The transaction rationale is attributable, first, to the implementation of one of the main cornerstones of the group’s strategy, calling for a growth path through M&A, also through products complementary in applications of reference. Furthermore, it aims at strengthening Carel’s positioning in the industry of air handling units, joining the acquisitions of Recuperator S.p.A. and Enginia S.r.l, completed respectively in 2018 and 2021, responding to the same logic.

The high degree of complementarity between Recuperator and Klingenburg in relation to the respective technologies of specialisation (plate exchangers for Recuperator and rotary for Klingenburg) and to the application areas will allow Carel to develop industrial and commercial synergies, resulting in holding a top-level role in such sector, in Europe and also outside continental boundaries, confirming at the same time its ability to offer itself always more as sole supplier of complete systems of air treatment units.

The effects of the transaction also reflect positively on Klingenburg, who will benefit from an improved competitive positioning and investment capability, in addition to a particularly advanced technological know-how.  To this, the global footprint of the Carel Group is added, as well as its extensive customer base, which will open new markets and new geographies with the possibility of producing in the United States.

Francesco Nalini CEO of the Carel Group, commented: “The transaction confirms once again the ability of the Group to pursue its growth objectives through M&A with coherence and timeliness. Specifically, it represents an additional step forward towards the enrichment of the product range geared to the industry of air handling units, as well as the completion of the technologies offered in the area of heat exchangers, already partially covered with the Recuperator acquisition in 2018. Therefore, the company continually presents itself as a supplier of complete control solutions with high added value in the conditioning and refrigeration industry, with energy efficiency as one of their main characteristics.”