Roen Est buys Spanish ammonia specialist
23rd November 2021ITALY: Heat exchanger manufacturer Roen Est has acquired Spanish refrigeration and air conditioning plant builder Arctic IRE SA.
Founded in 1997 and based in Madrid, Arctic is one of the European technology leaders in ammonia refrigeration and commercial air conditioning products, and also offers sub-critical CO2 and HFO products. It has approximately 40 employees, and exports over 40% of its products.
Roen Est was acquired by private equity investor CCC Holdings Europe (CCCHE) in 2020. CCCHE was formed in 2018 by a number of former Carrier air conditioning and refrigeration managers with a focus on investing in HVACR companies.
“Adding ammonia natural refrigerant to our offering is aligned with our passion for offering natural and energy efficient solutions to our customers,” commented CCCHE chairman and CEO Greg Deldicque.
“Arctic also marks our entry in the Spanish market where the company is going to help us promote our Enex and Roen Est products. This acquisition shows how we are executing on our plan to acquire six to eight companies over 2020-2023, on our way to creating a company with over €200m in revenues.”
Deldicque added that the plan now is to triple Arctic’s sales over the next four years. “We are going to follow a process similar to the one which allowed us to double the sales of Enex in 2021,” he said.
CCCHE is said to be in advanced conversations with several other potential acquisitions and expects to announce two further new additions over the next four months.
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