The acquisition has been made through the Italian holding company’s subsidiary Roen Est S.p.A.
CCC Holdings Europe S.p.A. (CCCHE), an Italian holding company focused on the HVAC&R industry, has acquired Spanish refrigeration and HVAC manufacturer Arctic IRE S.A. – adding ammonia products to its portfolio of natural refrigerant offerings.
The acquisition was made through CCCHE subsidiary Roen Est S.p.A. and announced on November 15. Roen Est is an Italian manufacturer of heat exchangers and ventilation units for commercial and industrial applications in Europe.
Arctic was founded in 1997 and, in addition to ammonia refrigeration equipment, also manufactures subcritical CO2 products and commercial air-conditioning equipment.
“It is exciting to welcome Arctic and its strong team of employees to our group,” said Greg Deldicque, Chairman and CEO of CCCHE. “Adding ammonia natural refrigerant to our offering is aligned with our passion for offering natural and energy-efficient solutions to our customers.”
“The large majority of [Arctic’s] sales comes from recurring clients, proof of the high quality, performance, and customer support for its products,” Deldicque noted. “Arctic also marks our entry in the Spanish market where the company is going to help us promote our Enex and Roen Est products.”
CCCHE has a plan to acquire six to eight companies over 2020-2023, aiming to create a company with over €200 million (US$224 million) in revenue. “CCCHE now aspires to triple Arctic’s sales over the next four years,” Deldicque said. “We are going to follow a process similar to the one which allowed us to double the sales of Enex in 2021.”
“CCCHE offers the support Arctic needs to grow,” added Antonio Alemany, Founder and CEO of Arctic. “I feel that we are at the beginning of a new chapter in the history of Arctic, allowing us to develop quickly both inside and outside of Spain, leveraging our strong history and customer relationships dating back to Arctic’s creation in 1997.”
“I am excited about the prospects it offers our customers, our company and our employees,” Alemany concluded.
CCCHE acquired Italian CO2 pioneer Enex in February 2020. Enex manufactures refrigeration and commercial air-conditioning and heating systems, having installed over 1,500 CO2 transcritical systems at the time of its acquisition by CCCHE/Roen.
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