November 12, 2018
Accretive Add-On to Jøtul Group is an Italian Manufacturer of Home Heating Products
LOS ANGELES, CA and PARIS, FRANCE – November 12, 2018 – OpenGate Capital, a global private equity firm, announced today that it has completed the acquisition of AICO S.p.A. (“AICO”), an Italian manufacturer of residential stoves, fireplaces, boilers and cookers from Ambienta SGR, a European private equity group. Terms of the transaction were not disclosed.
OpenGate Capital Founder and CEO, Andrew Nikou stated, “An integral part of our full potential operational strategy is to drive value into the businesses we acquire through add-on acquisitions that have the potential of offering new products or can provide access to new markets. AICO represents these elements and we are excited with the opportunity to expand on Jøtul’s rising growth with this add-on.”
AICO offers a wide range of premium home heating products that are energy efficient and utilize pellets, a renewable energy source. The business features two well-established brands, Ravelli and Elledi and they are exported to more than 40 countries. Headquartered in Palazzolo sull’Oglio, Italy, AICO’s 150 employees oversee the design, manufacturing and in-house testing to ensure all products comply with European quality, safety, and environmental compliance standards.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
Jøtul is one of the world’s oldest producers of stoves, inserts and fireplaces. Building on a proud Norwegian heritage, Jøtul combines fine craftsmanship with the art of coping with the cold for 160 years. Jøtul is headquartered in Fredrikstad, Norway and features four prominent brands: Jøtul, Scan, Ild and Atra and proudly sells to 45 countries around the world. To learn more about Jøtul, please visit: www.jotul.com.