Transaction details


Ethica Corporate Finance advised the shareholders of AICO in the sale to OpenGate Capital

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.