OC&C advises on a deal in the Climate Comfort and Combustion Technology sectors

We’re pleased to congratulate Ariston Group for agreeing to acquire Riello (Riello Group SpA and Riello America LLC) from subsidiaries of Carrier Global Corporation. OC&C advised Ariston with the Commercial Due Diligence of Riello.

Riello is an Italian-born and highly regarded player in the climate comfort and combustion technology sectors, having been established since 1922. The transaction covers all of Riello’s activities, which are split between climate comfort and combustion solutions.

Climate Comfort

Climate comfort makes up two-thirds of Riello’s business. In Riello’s largest market, Italy, the company is known for its direct-to-installer approach. Under the Riello brand, the company supplies renewable and conventional climate and energy solutions for residential, commercial, and industrial applications. The Beretta brand complements this, serving residential clients through a classic three-tier network of wholesalers and installers. Beyond Italy, Riello operates internationally with a notable presence in North America, the UK, select European countries and China.

Combustion Solutions

The remaining third of Riello’s business comprises its renowned combustion technologies division, which is highly regarded for reliable burners and combustion systems used across residential and commercial heating as well as industrial process applications in Europe, North America and China.
All of Riello’s key industrial facilities will be transferred to the Ariston Group, unlocking multiple levers of value creation from technological synergies, sourcing, logistics and complementary product portfolio.

Riello will benefit from Ariston’s renewable and highly efficient climate comfort and hot water solutions; including its last generation of made in Europe, air-to-water heat pumps as well as connectivity and advanced digital services. Conversely, Ariston will gain from Riello’s unique lineup of commercial and industrial boilers and its speciality combustion technology solutions.

The Group will strengthen its role in a highly progressive and transitional sustainability sector, especially within the climate comfort and water heating sub-sector. Italian customers will enjoy a comprehensive service, broaden the product portfolio and harness an extensive network of loyal installers supported by a capillary post-sales services network. This deal positions Ariston as a global reference expert in clean combustion technologies, enjoying a significant international business in Europe, North America and Asia.

OC&C and Private Equity

We’re a leading global strategy consultancy, with deep expertise in the HVAC sector, working with both major global corporations and local champions. In private equity, we have commercially advised on more than 500 successful transactions over the last 5 years, encompassing sell-side and buy-side roles.

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• We provide commercial due diligence and vendor due diligence for transactions.
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