Italian-born Carel group buys German manufacturer Klingenburg

Carel Industries, a leading company in control solutions and systems for air conditioning, cooling and heating, has acquired 100% of the share capital of German rotary and plate heat exchanger manufacturer Klingenburg, with an enterprise value put at 12 million euros.

Founded in 1979, the Klingenburg Group has manufacturing plants in Germany and Poland. It also has offices in the UK, in Spain and in the US, with around 200 employees and a 2021 total revenue of about 40 million Euros.

Carel, founded in 1973 near Padua, Italy, has recorded in 2021 an annual turnover of 420 million euros and has today a worldwide presence of 2000 employees working in 10 manufacturing plants. The company says the acquisition will strengthen its position in the air handling unit market following the acquisition in 2018 of Recuperator, an Italian plate exchangers company.

More into detail, the high degree of complementarity between Recuperator and Klingenburg in relation to the respective technologies of specialisation (plate exchangers for Recuperator and rotary for Klingenburg) and to the application areas will allow Carel to develop industrial and commercial synergies, resulting in holding a top-level role in such sector, in Europe and also outside continental boundaries, confirming at the same time its positioning as sole supplier of complete systems of air treatment units.

“This new transaction represents a further step towards the enrichment of our product range geared to the industry of air handling units, as well as the completion of the technologies offered in the area of heat exchangers, already partially covered with the Recuperator acquisition in 2018. Therefore, the company presents itself today as a supplier of complete control solutions with high added value in the conditioning and refrigeration industry, with energy efficiency as one of their main characteristics”, said Francesco Nalini, CEO of Carel Group.