Carel acquires Klingenburg

Carel has acquired 100 per cent of the share capital of Klingenburg GmbH and Klingenburg International Sp. Z.o.o., producers of heat recovery applications for ventilation and humidification systems, adiabatic cooling and air purification.

The companies have around 200 employees and two production facilities, one in Germany and one in Poland. They hold direct commercial presence in the United Kingdom, Spain and the United States. According to Carel, aggregated revenues at December 31, 2021, amount to approximately €39.1 million (AU$57.8 million), with an EBITDA of €2.4 million (AU$3.5 million) and net cash of €4.8 million (AU$7.1 million).

“The transaction completed today confirms once again the ability of the group to pursue its growth objectives through M&A with coherence and timeliness,” says Carel Group CEO Francesco Nalini.

“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.”

The acquisition aims to strengthen Carel’s position in the air handling unit industry, joining the acquisitions of Recuperator S.p.A. and Enginia S.r.l, completed respectively in 2018 and 2021.

Carel says Recuperator and Klingenburg are complementary companies, in relation to the respective technologies of specialisation (plate exchangers for Recuperator and rotary for Klingenburg) and to the application areas. The company hopes this will develop industrial and commercial synergies, confirming at the same time its ability to be a sole supplier of complete systems of air treatment units.

According to Carel, the transition will also positively impact Klingenburg, which will benefit from an improved competitive positioning and investment capability, as well as technological know-how. Carel adds its global footprint and extensive customer base, which will open new markets and new geographies, with the possibility of producing in the United States.