MILAN, Italy; MAINZ, Germany, 18 July 2023: Epta and Viessmann Refrigeration Solutions (VRS) announced they had signed an agreement to create a joint venture and build a new commercial refrigeration player in Central and Northern Europe.

Making the announcement through a Press release, Epta said they have decided to combine their respective commercial businesses, which include all of VRS’ commercial refrigeration activities in Germany, Poland, Czech Republic, Slovakia, Denmark, Finland, Sweden, Norway, and the Baltics, and Epta’s activities in Germany, Poland, Denmark, Finland, and Norway. Epta added that through the agreement, Epta and VRS will strengthen their offering and presence in Central and Northern Europe. Epta also revealed that the new joint venture, led by Epta, will have consolidated revenues of more than EUR 400 million and over 1,600 employees.

According to the release, through the joint venture Epta and VRS aim to:

– Become a one-stop shop provider of energy-efficient and sustainable commercial refrigeration solutions for retailers and the food and beverage industry based on a complementary geographical footprint.

– Offer a comprehensive range of commercial refrigeration solutions and services based on sustainable innovations accelerating the green transition.

– Extend its leadership in the supply, production, installation, and maintenance of cooling systems based on an extensive network of professionals across Europe.

Marco Nocivelli

Commenting on the joint venture, Marco Nocivelli, President and CEO, Epta, said: “This marks the beginning of a journey and a partnership that will bolster our presence in Central and Northern Europe. Our expertise in the commercial refrigeration business and our alignment as family businesses are unique. The new joint venture, led by Epta, represents a stride towards establishing ourselves as a leader in the sector. We are well-positioned for success with increased production capacity and a stronger international presence.” Amidst the ecological and digital transition, he added that fostering connections and enhancing network dynamics are pivotal for a sustainable future. “This joint venture aligns with our strategy and reinforces our commitment to investing in the Group’s future across all the areas we operate,” he said.

Speaking on the occasion, Frank Winters, CEO, Viessmann Refrigeration Solutions, said: “The joint venture with Epta creates ideal conditions for long-term growth in a competitive market, uniting two market leaders in a partnership. Epta and Viessmann Refrigeration Solutions aim for a positive impact with solutions that preserve the planet; moreover, we combine energy-efficient solutions with scale and manufacturing power. The combination allows extensive geographical coverage in Europe, benefiting local and international customers, and  a promising future for our customers, employees, and future generations.”

According to the release,  the shareholding structure will reflect the governance of the joint venture: Epta will own 70% of the joint venture, while VRS will own 30%. Epta added that it would fully consolidate the company into its Group financial statements after closing the deal. Further, the release also said that the deal’s closing is subject to customary conditions precedent, including approval by the Antitrust Authorities, expected in the fourth quarter of 2023.

Furthermore, Epta said that this joint venture agreement would not affect its business activities in Western and Southern Europe, the Middle East, Latin America, the US, Asia Pacific, and Oceania. The transaction, the release said, does not include VRS’ clean and cold room solutions activities, VRS’ production site in Hof (Germany), the related sales companies and Viessmann Technologies.