Ambienta exits Aico

According to a statement, the acquisition will expand and enhance Jøtul's product portfolio by adding pellet stoves, a growing market for consumers demanding an alternative to wood-based home heaters. Meanwhile, Aico will have the possibility to expand into new markets and boost its growth both in Italy and internationally.

Ambienta acquired a 60% stake in pellet stoves producer Ecoteck in May 2010, while the company's founders, the Ravelli family, retained the remaining 40%. The buyout saw Ambienta invest approximately €20m in equity via its €217.5m Ambienta I fund, while a senior facility was provided by Banca Popolare. Following the transaction, the company rebranded as Ravelli. Subsequently, Ambienta bought the remaining 40% stake in Ravelli and became the sole shareholder in May 2016. Aico now markets its products under two brands, Ravelli and Elledi.

OpenGate bought heating products manufacturer Jøtul in March 2018 from Sweden-based buyout firm Ratos in a deal valued at NOK 360m. The GP deployed capital from its OpenGate Capital Partners I fund, which held a $305m final close in July 2016. In addition, OpenGate raised a senior secured bond with a number of Nordic institutional investors.

Company
Established in 2000 and based in Palazzolo sull'Oglio, near Brescia, Aico is a designer and manufacturer of residential stoves, heaters, boilers and cookers. The company was rebranded as Aico in December 2016 following the merger between Ravelli, originally known as Ecoteck, and Elledi.

Aico's flag products are energy efficient pellet stoves, which burn biofuels made from compressed organic biomas derived from industrial and food waste, agricultural residues, energy crops and lumber production. The business markets its products under two brands, Ravelli and Elledi, and sells them in 40 countries worldwide. Aico employs 150 staff and, according to press reports, generates annual revenues of around €40m, of which 40% comes from outside Italy.

People
OpenGate Capital – Fabien Marcantetti (managing director).
Jøtul – Nils Agnar Brunborg (CEO).

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