Entrepreneur Giuseppe Visentini reinvests in the transaction and will continue as Group CEO. Investo Uno, which sold its stake in ThermoKey, is headed by Berrier Capital, led by Alberto Craici, as well as entrepreneurs Giorgio and Giuseppe Visentini and Giuseppe Patriarca.

30 May 2024 – IGI Private Equity, with the support of LGT Capital Partners and BNP Paribas BNL Equity Investments as co-investors, will acquire control of ThermoKey S.p.A., a company based in Rivarotta (UD) founded in 1991 and active in the HVAC-R (Heating, Ventilation, Air Conditioning & Refrigeration) sector, producing air heat exchangers (coils and radiators) and ventilated units (Dry Coolers, Unit Coolers and Condensers) for over 30 years. The remaining 5% will be held by Giuseppe Visentini, who will continue to lead the group as CEO with the support of the existing management team.

Founded as a manufacturer of heat exchangers within a larger group ThermoKey became independent in 2013with the entry of new investors and entrepreneurs Giorgio and Giuseppe Visentini, and the latter’s appointment as CEO.It launched a development plan through the market launch of increasingly complex and efficient products, acting as a front runner on issues such as energy efficiency, circular and green economy, as well as technological evolution in line with legislative developments.

The company, which employs over 200 people, closed FY 2023 with consolidated revenues of approximately EUR 60 million, up 20% compared to the previous year, and an adjusted EBITDA of over EUR 8 million. Production is carried out in a single site of 32,000 square metres in Rivarotta (UD), in 3 production plants- in the main Italian HVAC-R district, and can count on a high level of support and know-how from the entire supply chain, as well as fromThermoKey Deutschland, a trading company based in Germany and 100% controlled by ThermoKey.

“In pursuing IGI’s strategy of investing in sustainable transition projects and the principle of the 3 Rs (Reduce, Re-use and Recycle) at the heart of the circular economy, we identified the HVAC-R sector as particularly interesting. I am convinced that ThermoKey represents an excellent investment opportunity; the vision that has guided the development of the business and the definition of its strategic direction has enabled the company to reduce both the consumption of its plants by increasing their efficiency and the amount of refrigerant gases, improving its carbon footprint. ThermoKey is also committed to making products that last longer, with intelligent design and use of recyclable materials” says Angelo Mastrandrea, Senior Partner at IGI Private Equity and Chairman of ThermoKey.

“In these ten years of management, we have worked hard to position ThermoKey among the reference companies in Europe in our sector, focusing on reliability, sustainability and innovation. I am delighted to continue leading the company, with my team, alongside IGI Private Equity, which shares and supports our commitment to designing and producing solutions that respect the environment and improve people’s quality of life. Sustainability and digitisation are, and will continue to be, our main growth drivers” says Giuseppe Visentini, CEO of ThermoKey.

“We reap the results of a patient investment, during which the company has effectively tripled its turnover. We are happy that this development path can now continue with a new partner in IGI Private Equity”, says Alberto Craici, Managing Partner of Berrier Capital.

IGI and CEO Giuseppe Visentini share a plan aiming to reach EUR 100 million in revenues at Group level within the time horizon of the industrial plan. This will be achieved by strengthening its position in Europe in the Conditioning sector with greater penetration in the Energy & Process Cooling sector, exploiting the major opportunities arising from IT Cooling, developing more structured commercial agreements with the OEM channel, and improving the company’s presence in the refrigeration sector. The business plan also envisages strengthening the organisational structure consistent with the envisioned prospects.

IGI Private Equity, on behalf of the funds under management, as buyer was assisted by: Finerre as Financial Advisor, with Ermanno Restano (Partner); Studio Legale Chiomenti for the legal aspects, with a team including Luca Liistro (Partner), Arnaldo Cremona, Jacopo Frontali, Enrica Bertoldi, Francesca Andrisani; Molinari Agostinelli Studio Legale for the structuring of the transaction and for tax due diligence, with a team including Ottavia Alfano (Partner), Andrea Cristiani, Filippo Maria Mariani; Goetzpartners for business due diligence, with a team including Giovanni Calia (Managing Director), Sarrah Mouelhi, Manfredi Ricci, Christophe El Hage, Guido Greppi Cappa; KPMG for financial due diligence, with a team including Lorenzo Brusa (Partner) Carmine Scannelli, Laura Casarella, Andrea Minervini; ERM for HSE due diligence, with a team including Giovanni Aquaro (Partner), Marco Orecchia, Isotta Bernabei, Cecilia Razzetti; Prometeia for ESG due diligence, with a team including Camilla Pacchiarini, Gianmatteo Guidetti, Giulia Ristori.

Investo Uno (as seller) was assisted by: Fineurop Soditic as Financial Advisor, with a team comprising Germano Palumbo (Senior Partner and Head of M&A), Roberto Junior Amoroso, Giuseppe Panaro; Studio Legale Greenberg Traurig Santa Maria for legal aspects, with a team comprising Carlo Scaglioni (Partner), Luigi Iovino, Riccardo Minelli.