Ariston Thermo has acquired ATAG Verwarming, the Dutch boiler manufacturer represented in the UK by ATAG Heating.
Founded in 1948, ATAG employs 170 people, with a production plant based at Lichtenwoorde devoted to both domestic and commercial products. In 2013, ATAG generated net revenues of around €53 million, with an EBITDA adjusted of €8,4 million. The company serves most European countries, including the UK.
Phil Bell, managing director of ATAG Heating UK, said he saw significant advantages for the development of the ATAG brand in this country. “With the backing of such a well established and major force in the European heating market, ATAG Heating will be in a strong position to develop its share of one of Europe’s largest heating markets, while accelerating the development of exciting new and innovative products for the future growth of the company.”
"Through this acquisition we continue to pursue our development strategy based on internal and external growth both in mature markets and in fast-developing countries," said Paolo Merloni, executive chairman of Ariston Thermo. "ATAG will bring relevant benefits to our Group: a solid condensing technology platform anchored on high efficiency, low emissions and cost competitiveness, a well-renowned brand with high-end positioning, a strong presence in selected markets and, most importantly, a solid, well-motivated and entrepreneurial management team".
Carl Berlo, CEO of ATAG Verwarming BV said: "The merger with Ariston is a major step forward for our company. Our product portfolio, brand, and positioning in the heating market are a perfect fit for Ariston, whose strength as a global player can only benefit ATAG in the future.”