Fiorini Industries Completes Acquisition of Lovato to Create HVAC Leader
Deal News | Dec 23, 2024 | Finance Community IT - 1 Corporate M&A
Fiorini Industries, a firm controlled by the private equity group Mindful Capital Partners, has completed the acquisition of Lovato through Neptune, gaining full ownership of the company. Lovato is known for its expertise in the design, prototyping, production, and marketing of hydronic and sanitary systems. The deal includes some members of the Lovato family reinvesting in Fiorini, aiming to integrate the two companies in a way that consolidates their leadership in the Italian HVAC sector. This merger is expected to result in complementary product lines and expanded customer base, thus enhancing Fiorini's strategic position for European expansion. The move is also set to leverage trends in energy transition, particularly in heating and cooling industries. Advisory roles in the transaction included financial advisors Francesco Silva from Cube Advisory and a team from Colombo Advisory. Legal advice was provided to the sellers by LCA Studio Legale, while Fiorini Industries was assisted by LS Laghi & Partners.
Sectors
- HVAC (Heating, Ventilation, and Air Conditioning)
- Private Equity
Geography
- Italy – The acquisition involves Italian companies and advisors, with a focus on establishing a strong market presence in the Italian HVAC industry.
- Europe – The acquisition aims to strengthen Fiorini's position and facilitate expansion into the broader European market.
Industry
- HVAC (Heating, Ventilation, and Air Conditioning) – The acquisition aims to create a leading Italian player in the HVAC industry, optimizing product lines and customer reach by integrating Fiorini and Lovato’s capabilities.
- Private Equity – Mindful Capital Partners, the controlling PE firm of Fiorini Industries, is instrumental in driving consolidation and expansion strategies in the HVAC sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fiorini Industries | Target Company | Company | An Italian company specializing in hydronic and sanitary systems, recently acquired by Fiorini Industries. |
| Mindful Capital Partners | Private Equity Owner | Company | An independent private equity firm, which controls Fiorini Industries. |
| Lovato | Acquired Company | Company | Specializes in designing, prototyping, producing, and marketing hydronic and sanitary systems. |
| Cube Advisory | Financial Advisor | Company | Provided financial advisory services to the sellers in the transaction. |
| Colombo Advisory | Financial Advisor | Company | Provided financial advisory services, with a team consisting of a partner, associate, and analyst. |
| LCA Studio Legale | Legal Advisor | Company | Legal counsel to the sellers of Lovato. |
| LS Laghi & Partners | Legal Advisor | Company | Legal counsel to Fiorini Industries. |