OpenGate Capital, a global private equity firm, announced on the 12th November that it has completed the acquisition of AICO S.p.A.
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.”
OpenGate Capital has shown the concrete will to invest in the domestic heating industry, concluding our acquisition as an add-on to the recent significant acquisition of Jøtul Group, an important Norwegian brand leader in the production of wood stoves and fireplaces with four brands distributed in 45 countries.
The operation aims at achieving a strong synergy between the two companies - Jøtul Group and AICO - that are the perfect match from the market’s perspective, guaranteeing a future of growth and consolidation for the Ravelli and Elledi brands.
Read the official press releases related to the acquisition