Ethica Corporate Finance advised the shareholders of Aico S.p.A. (“AICO”), an Italian producer of residential stoves, fireplaces, boilers and cookers using pellet technology, in the sale of its 100% stake to OpenGate Capital (“Opengate”), a global private equity firm based in Los Angeles and Paris.
AICO offers a wide range of high-quality products for residential heating with great efficiency in terms of energy consumption using pellet technology, a renewable source of energy. AICO relies on two well-known brands: Ravelli and Elledi sold in more than 40 countries.
AICO will become a synergic add-on for the Jøtul Group (“Jøtul”) project, a company acquired by Opengate in March 2018. Jøtul is a Norwegian manufacturer of residential heating products, mainly wood stoves and fireplaces. Jøtul is active with four brands distributed in 45 countries, among which: Europe, North America and Asia. AICO is expected to enlarge Jøtul product portfolio with pellet technology, a growing market for customers looking for an alternative to wood products heating.