Ariston Holding NV’s Acquisition of Riello Group

Ariston Holding NV, a major player in the heating and hot‑water solutions market, announced the acquisition of 100 % of Riello Group, an Italian manufacturer known for its brands Riello and Beretta. The transaction was valued at €289 million in enterprise value, with the deal structured through a transaction with Carrier Global Corporation, the current owner of Riello’s shares.

Transaction Structure and Timing

  • Enterprise Value: €289 million
  • Closing: Expected in the first half of 2026
  • Strategic Rationale: The acquisition brings a complementary portfolio of burners, combustion technologies, and thermomechanical products into Ariston’s existing divisions (Thermal Comfort, Burners, Components). It is intended to reinforce Ariston’s presence in the Italian market and to leverage synergies estimated at €25 million in EBITDA at the operating level.

Market Reaction

  • The announcement triggered a strong positive reaction in the Italian equity market.
  • On the Borsa Italiana Electronic Share Market (Piazza Affari), Ariston’s shares rose between 3 % and 6 % following the news.
  • Investor sentiment was further buoyed by statements from Ariston’s leadership, emphasizing the strategic importance of bringing Riello “back into Italian hands” and preserving 150 jobs in Lecco, including the research and development centre.

Operational Impact

  • Job Protection: 150 positions in Lecco, Italy, are secured under the new arrangement.
  • Brand Portfolio: Riello’s heritage brands (Riello, Beretta) will be integrated into Ariston’s global distribution network, expanding the company’s reach across Europe and beyond.
  • Product Synergies: The acquisition is expected to enhance Ariston’s product mix in burners and combustion technologies, complementing its existing heat‑pump and boiler offerings.

Financial Context

  • Market Capitalisation: €1.641 billion (as of 2025‑12‑16).
  • Price‑Earnings Ratio: 17.59, reflecting a valuation that aligns with industry peers.
  • Recent Performance: The share price closed at €4.45 on 2025‑12‑16, after reaching a 52‑week high of €5.20 in June and a low of €3.094 in January.
  • Revenue Base: Ariston’s annual turnover exceeds €2 billion, indicating a robust revenue foundation that can absorb the €289 million investment.

Strategic Outlook

The acquisition of Riello is positioned as a key growth lever for Ariston. By consolidating its position in the burner and combustion markets, Ariston aims to:

  • Strengthen its competitive stance in Italy and across Europe.
  • Leverage shared R&D capabilities to accelerate innovation.
  • Realise cost efficiencies through scale and integrated supply chains.

Ariston’s management has highlighted that the deal will not only preserve but potentially expand employment in Lecco and enhance the company’s technological leadership in the heating and hot‑water sector.