EPTA x VRS_Image

Epta (Epta SpA) and Viessmann Refrigeration Solutions (VRS) announced that they have signed an agreement to establish a joint venture, aiming to create a new leading provider of commercial refrigeration solutions in Central and Northern Europe.

Both companies have decided to merge their respective business-to-business operations, encompassing all VRS activities in commercial refrigeration in Germany, Poland, the Czech Republic, Slovakia, Denmark, Finland, Sweden, Norway, and the Baltics, as well as Epta's business activities in Germany, Poland, Denmark, Finland, and Norway. Through this merger, Epta and VRS will significantly enhance their offering and presence in Central and Northern Europe. The new joint venture, led by Epta, will have over 1,600 employees and achieve a total revenue of over 400 million euros.

The unique experience of Epta in commercial refrigeration, combined with the reputation and market position of VRS in this sector, will enable the new joint venture to:

  • Become a leading one-stop-shop provider for energy-efficient and sustainable commercial refrigeration solutions for the retail, food, and beverage industries – based on complementary geographic presence.
  • Offer the broadest and most comprehensive range of commercial refrigeration solutions and services – based on sustainable innovations to accelerate ecological transformation.
  • Expand its leadership position in the delivery, production, installation, and maintenance of refrigeration systems – based on a comprehensive network of professionals across Europe.

Marco Nocivelli, Chairman of the Board and CEO of Epta, stated:  "Our partnership with Viessmann Refrigeration Solutions marks the beginning of a shared journey and a long-term cooperation that will strengthen our position in Central and Northern Europe. Our combined expertise in commercial refrigeration is unparalleled, and we share similar values as family-owned businesses. The new joint venture, led by Epta, is another step forward in solidifying our status as a Global Player in this sector, thanks to increased production capacity and enhanced international presence. Against the backdrop of ecological and digital transformations, creating connections and improving network logic are essential for a sustainable future: This joint venture is a perfect example of our strategy and our commitment to investing in the future of the company in all areas where we operate."

The shareholder structure is reflected in the governance of the newly created joint venture: Epta will hold 70% of the joint venture, and VRS will hold 30%. After the completion of the transaction, Epta will fully consolidate the company in its financial reporting.

The completion of the transaction is subject to customary conditions, including approval by the competition authorities, expected in the fourth quarter of 2023.

Not affected by this joint venture agreement are Epta's business activities in Western and Southern Europe, the Middle East, Latin America, the United States, as well as the Asia-Pacific and Oceania regions.

VRS's activities in the field of cleanroom and cold room solutions are not affected by the transaction. The VRS production site in Hof (Germany), its associated sales companies, and Viessmann Technologies will remain fully with the Viessmann Group.