CAREL acquires 100% of the share capital of Klingenburg GmbH and Klingenburg International Sp. Z.o.o.

CAREL announces 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.
With around 200 employees and two production facilities available, one in Germany and one in Poland, the two companies 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 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.

Francesco Nalini CEO of the CAREL Group, commented: “The transaction completed today 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.”