OpenGate to buy AICO
Summary
OpenGate Capital has agreed to acquire AICO , an Italian manufacturer of residential stoves, fireplaces, boilers and cookers from Ambienta SGR .Headquartered in Palazzolo sull’Oglio, Italy, AICO’s 150 employees oversee the design, manufacturing and in-house testing to ensure all products comply with European quality, safety and environmental compliance standards.Jøtul is a Norwegian manufacturer of home heating products, primarily inserts, fireplaces and wood stoves, with four brands that are distributed across 45 countries, including Europe, North America and Asia.Fabien Marcantetti, Managing Director at OpenGate Capital, led the transaction from the firm’s Paris office and stated, “A key aspect in OpenGate’s acquisition of Jøtul is to identify both organic and inorganic opportunities for growth.To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions, including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe.