UNQUOTE

Climastar raises €1.37m from regional private equity investor

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Climastar, the Asturian manufacturer of heating systems, has opened its capital to Sociedad Regional de PromociУГn (SRP), the private equity entity funded by the regional government of Asturias in nothwestern Spain.

The SRP invested €1.37m for a 13.7% stake in the Pruvia-based business.  It is the second time that a regional private equity investor has supported the Climastar: Inverasturias had previously acquired a 5% stake, eventually sold back to the founders. 

Climastar, founded in 2001, specialises in the manufacture of high-end radiators.  It operates three of its own outlets, as well as 44 franchise operations.  Its primary aim at the moment is to expand its product offerings and increase penetration into new markets such as France, Germany and the US.

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