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AICO, based in Palazzolo sull’Oglio (BS), is among worldwide leaders in the production of pellet stoves, with a wide range of high-quality products for residential heating, characterized by great efficiency in terms of energy consumption using the pellet technology, a renewable source of energy. AICO relies on two well-known brands: Ravelli and Elledi sold in more than 40 countries.
Ethica Corporate Finance advised the shareholder 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 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, and to diversify its presence in new areas.
Ethica started working with AICO and its shareholder in April 2018 when the process kicked-off. Ethica managed a competitive sell-side process including both PE Funds and strategic buyers and leveraged on its knowledge of the market thanks to a pre-screening activity resulting in a quicker process and a more focused selection of the most suitable buyers.
