ThermoKey, founded in 1991, has been producing heat exchangers of various types for over 30 years and is currently recognized in the international market as the ideal partner for manufacturers of cooling systems in the field of air conditioning, industrial/commercial refrigeration and industrial process cooling.

ThermoKey is present on the market both as a manufacturer of integrated systems (i.e., ventilated units) with distributors and installers as its main interlocutors, and as a point of reference in Europe for the production and marketing of batteries to the main OEMs.

The range of ThermoKey heat exchangers currently consists of finned coils, unit coolers, liquid coolers and air condensers with round tube and aluminium microchannel technology.

Production is carried out in a single site of 32,000 square meters divided into 3 production plants, located in Rivarotta (Udine) in the main Italian HVAC-R district and can count on a high level of support and know-how from the entire supply chain. The sole subsidiary is ThermoKey Deutschland, a trading company based in Germany and 100% controlled by the company.

ThermoKey has achieved a prime position in the conditioning sector, being one of the leading European manufacturers of dry coolers, with a privileged position to capitalize on the opportunities offered by new market trends in the energy & process cooling sector and, more specifically, in the higher value-added market of IT & data centre cooling.

With a turnover of almost 65% abroad, the company shows a widely diversified presence in Europe, with the largest market shares held in Italy, the UK, France, Poland and Germany, where it ranks in the top 5 of the main manufacturers.


Sales process launched by the company; a beauty contest which included other financial and industrial counterparts.

Transaction Structure

The transaction envisages that IGI acquires and controls 95% of the share capital of ThermoKey S.p.A.  The remaining 5% is to be held by Giuseppe Visentini who is to reinvest in ThermoKey while continuing to lead the group as CEO with the support of the consolidated management team.

The structure of the transaction provides for a simple purchase of the shares of ThermoKey S.p.A. by IGI and Giuseppe Visentini from the sole shareholder Investo Uno S.r.l., without recourse to a financial acquisition package used in a leveraged buyout transaction.

Investment Rationale

The company enjoys an excellent position with products of well-recognized quality and reliability, as well as levels of flexibility and service which enable offering extremely customized solutions based on customer needs.

Over the years, ThermoKey has developed a strong in-house technical know-how, supported by significant R&D activities, which have led to high design skills and an ability to constantly innovate its range, creating effective and efficient solutions in the various end markets.

The company is able to oversee the entire production process, thanks to the internalization of the main processes that allows it to guarantee a level of quality, reliability and performance of the products appreciated and recognized by the market, and a direct grip on costs and lead times of production and delivery.

ThermoKey has invested significantly in achieving a strong presence abroad, thanks also to its German subsidiary and offices in some of the most important markets, as well as a dense network of distributors and installers in the most strategic geographical areas.

The market in which ThermoKey operates is characterized by solid trends, driven by the growing attention to product efficiency and environmental impact and by the strengthening of regulations on the use of natural or low GWP (Global Warming Potential) refrigerants with the aim of reducing emissions of fluorinated greenhouse gases such as hydrofluorocarbons.

ThermoKey has always maintained a clear focus on ESG issues, aiming to offer its customers a real competitive advantage, while at the same time trying to make the HVAC-R world more sustainable. In the development of its products, the company aims to reduce consumption and increase the efficiency of the machines, design systems with less need for refrigerant gas and lower environmental impact, produce machines that last over time and are more sustainable, using recyclable materials, and able to consume less water.

The company can count on a management team, led by the CEO (and partner), young and motivated and characterized by a strong and consolidated experience in the sector, the technical ability to respond to customer needs and with a clear strategic vision of the future.

Value Creation Strategy

Maintain the positioning in Europe in the air conditioning sector and greater penetration in the energy & process cooling sector.

Take advantage of the great opportunity in the development of IT cooling, and in particular in the segment of data centres in Northern Europe and the United States, also thanks to the new modular products that are characterized by greater energy efficiency, less weight, need for less power and less amount of coolant.

Develop more structured commercial agreements with the OEM channel, with opportunities to cross-sell more complex products.

Growth in the CO2 gas cooler market, a recently introduced product that will replace the classic copper condenser, whose growth is driven by strong market demand thanks to the use of more sustainable refrigerants.

Growth in the unit cooler segment through a strengthening of the sales team, for greater penetration of the industrial refrigeration sector, which is still insufficiently covered, particularly in the Middle East and Africa.

Introduce microchannel solutions to the market capable of recovering and using the heat emitted by ventilated units.

Use ThermoKey as a starting point for a buy-and-build project with further acquisitions in Italy and abroad in order to expand the product range and expand into new or currently underserved markets. 

Value Realization

Exit through sale to an industrial operator or another financial operator.