GEA Heat Exchangers officially taken over by TRITON
Germany –The German investment fund TRITON has officially taken over the GEA HEAT EXCHANGERS division still present on the stand of GEA Chillventa.
TRITON has completed all the remaining legal formalities for the acquisition of the HEAT EXCHANGERS division of GEA Group after approval from the relevant authorities. It should be noted that the newly acquired division includes several entities, including the Kuba brand specializing in refrigeration, Searle and Goedhart. This approval completes the sale process initiated in April and the sales agreement between the two companies reached over a year ago.
According to sources, the enterprise valuation of GEA HEAT EXCHANGERS in this transaction has been estimated to be around 1.2 billion Euros.
“In Triton, we have a trustworthy partner that will strengthen and support our future activities” declared Christoph Michel, CEO of GEA Heat Exchangers Group.
Except for a new brand name that will be rolled out shortly, he said, nothing will change for the customers of GEA Heat Exchangers as a result of the move to Triton.
“All projects and orders will be executed as accustomed, and our customers’ familiar and trusted contact partners in sales and support will now as before stand at their side” he concluded.
Triton will embark upon a program of reorganization of business units within the group to simplify its structure and which will now serve the market in three segments. One segment will focus on the areas of climate and environment, with activities including all products for applications of HVAC technology. The second segment will concentrate on solutions in the area of major power generation projects and will include wet cooling towers, dry cooling systems, filing media for cooling towers, as well as other applications. The final segment will consist of systems and components for further heat exchanger application areas such as those in the oil and gas, petrochemical, food and beverage, marine and transportation systems markets. These include plate heat exchangers, finned-tube heat exchangers, as well as shell-and-tube heat exchangers, which are used in a number and variety of processes.
This is Triton’s second measure investment in the heat exchanger sector as Triton also acquired the French group Alstom’s heat exchanger group, which is also based in Germany. This large umbrella group now counts more than 60,000 employees worldwide.