November 10, 2014

Nordian Capital Partners sells its stake in ATAG Heating to Ariston Thermo

Ariston Thermo, one of the world leading companies in heating and water heating, acquired ATAG heating, a major player in the Benelux heating market, from Nordian Capital Partners and management.

Founded in 1948, ATAG is based in the Netherlands (Lichtenvoorde), employing 170 people with a production plant devoted both to residential and commercial products. In 2013 ATAG generated net revenues of around € 53 million, with an EBITDA of € 8,4 million. The company serves most of the European countries, being a major player in the Benelux heating market with distinctive positioning, thanks to a well-known brand and a consistent product range focused on the high-end market. ATAG is strongly focused on innovation with highly specialized R&D team and a product offer characterized by advanced technology and high efficiency standards.

Nordian Capital Partners has been a shareholder in ATAG since 2010. During the investment period of Nordian Capital Partners, ATAG has increased its sales outside its home market to 50% of total turnover.

“Through this acquisition we continue to pursue our development strategy based on internal and external growth both in mature markets and in fast-developing countries” commented Paolo Merloni, Executive Chairman of Ariston Thermo.

“ATAG will bring relevant benefits to our Group: a solid condensing technology platform anchored on high efficiency, low emissions and cost competitiveness, a well-renowned brand with high-end positioning, a strong presence in selected markets and, most importantly, a solid, well-motivated and entrepreneurial management team”.