Los Angeles-based private equity firm OpenGate Capital annpunced yesterday that it will acquire Aico spa, an Italian manufacturer of residential stoves, fireplaces, boilers and cookers with brands Ravelli and Elledi from Ambienta I fund managed by Italian private equity firm Ambienta sgr (see here the press release).
The acquisition has been strucutured from OpenGate’s Paris office by managing director Fabien Marcantetti and the deal is an add-on OpenGate’s portfoglio company Jøtul, a Norwegian manufacturer of home heating products, primarily inserts, fireplaces and wood stoves with four brands that are distributed across 45 countries including Europe, North America and Asia. Aico will enhance the Jøtul product portfolio with pellet technology products, a growing market for consumers demanding an alternative to wood-based home heating products.
Ambienta had initially invested in Aico in December 2010, when it acquired a 60% stake in Ravelli from the Ravelli family. In June 2016 the fund then acquired the remaining 40% too (see here a previous post by BeBeez). Aico had reached 38.8 million euros in revenues in 2016 with 1.2 millions in ebitda and a 6.8 million euros in net financial debt.