The Epta S.p.A. and Viessmann Refrigeration Solutions (VRS) joint venture has been finalised with the newly formed company announcing plans to become a new leader in commercial refrigeration in Central and Northern Europe.
Epta holds a 70 per cent majority stake in the deal.
All of the commercial refrigeration activities of VRS in Germany, Poland, the Czech Republic, Slovakia, Denmark, Finland, Sweden, Norway, Estonia, Latvia and Lithuania, and the activities of Epta in Germany, Poland, Denmark, Finland and Norway have been transferred to Epta Central North Europe B.V., the new company established in the context of the joint venture.
The JV will boast a turnover of more than $A671.48 million and 1600 employees.
“Now that the closing has been finalised, Epta and VRS can focus on strengthening their leadership in Central and Northern Europe, expanding their network and ensuring that customers and partners of both companies benefit from a wider range of products and services resulting from the synergetic integration of their respective activities,” the company said in a statement.
Epta CEO and president, Marco Nocivelli, said 2023 is turning out to be a crucial year for the company’s growth.
“The goal is to increase our scale and consolidate our role as Green Transition Enabler, flanking progressive organic growth with the creation of new alliances,” he said.
“The closing of the two transactions marks a particularly significant moment for us, of development and consolidation in a crucially important region: we might leverage on new industrial and commercial synergies, enhancing our ability to be the one stop shop provider with a complete offer of sustainable products and services and a capillary presence in North and Central Europe”.
Epta’s business activities in Western and Southern Europe, Middle East, Latin America, the US, as well as Asia Pacific and Oceania, are not affected by this joint venture agreement.
The transaction does not include VRS’s clean and cold room solutions activities. VRS’s production site in Hof (Germany), the related sales companies and Viessmann Technologies also remain with the Viessmann Group.