Daikin announces the acquisition of AHT Group. The Austrian cooling technology specialist is going to add to Daikin´s expertise in refrigeration and strengthens Daikin´s strategical expansion of its commercial refrigeration business.
Vienna, November 2018 – Daikin Industries Ltd. has reached an agreement for the acquisition of the Austrian cooling specialist AHT Group, a leading company in the commercial refrigeration market in Europe. After completion of all necessary processes the acquisition (transaction value 881 million Euros) will be finalized in January 2019. Through its subsidiary Daikin Europe N. V., Daikin will obtain all company shares from Bridgepoint, the Private Equity shareholder of AHT Group.
Daikin has established strategic priority measures to expand its commercial refrigeration business, and capitalize on environmental regulations relating to energy savings and refrigerants. In Europe, the company has begun sales of highly-efficient refrigeration and freezing systems for supermarkets and convenience stores since 2000. Moreover, in 2016, Daikin has acquired Italian commercial refrigeration manufacturer, Zanotti, extending its business to industrial refrigeration equipment for food processing and warehouse storage.
With a turnover of around EUR 500 million, AHT is the world's leading manufacturer of commercial plug-in refrigeration and freezing systems and has been supplying all major supermarket and discount chains as well as ice cream and beverage manufacturers for more than 35 years with an innovative and ecologically beneficial product range.
With this acquisition, Daikin is adding AHT refrigerating and freezing showcases specifically suited for food retailers to its own wide range of air conditioning and refrigeration products, services, and solutions.. Daikin plans to further reinforce its sales and after sales service structure to become a one-stop provider offering complete coordination of air conditioning and refrigeration products. This acquisition is also expected to solidify Daikin’s business foundation in Europe and promote full-scale expansion of its refrigeration business in the United States as well as Asia, a region of remarkable growth in both population and economic prosperity.
The refrigeration business presents great opportunities for Daikin to utilize the advanced technologies it has cultivated including energy saving, inverters, and refrigerant control. Because the refrigeration business shares a close affinity with the company’s main business of air conditioning, expectations run high for Daikin to achieve synergies with current operations. Daikin intends to offer new value with service solutions focused on energy and the environment.