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Spain continues to be the most active SF market after the USA, and for the second time this year a searcher has simultaneously acquired two companies. In this case, Marc Giné, founder of Terra Firma Capital, has successfully validated his buy-and-build thesis in the HVAC sector, acquiring Catalan Termotur and Airnou for approximately €10M (now Grup Nextclima). His search was backed by Istria Capital, ONEtoONE Asset Management, Ethos Partners (now Orca Equity Partners), Beka Finance, Cabiedes Inversiones, Luis Camilleri, Secways, Turtle Capital, and Xavier Pladellorens.
Founded in 1951 by Eduard Tur i Lapiedra, Termotur is a well-established company specializing in the sale, installation, and maintenance of systems for air conditioning, heating, gas, water treatment, alternative energies, and energy management. The company serves a broad client base, including private homes, the hospitality sector, and both public and private industries, offering high-tech, efficient, and environmentally advanced solutions. In 2023, Termotur generated €3.7M in sales with an EBITDA of €1M.
Founded in 1992 in Granollers, Airnou has over 30 years of expertise in climate control solutions. It specializes in air conditioning, heating, industrial refrigeration, ventilation, renewable energies, and air treatment for industrial, commercial, and residential spaces. Airnou also provides engineering services through its in-house technical office and offers temporary rentals of high-quality climate control equipment. With more than 5,000 clients, the company achieved €6.7M in revenue in 2024 with an EBITDA of €1.4M.
The HVAC services industry is considered one of the most attractive sectors for searchers worldwide. It is highly fragmented, offers clear synergies from consolidation, and typically allows for operational improvements. Moreover, once a company reaches a certain revenue scale, it can achieve significant valuation multiple expansion, as many PE firms are also actively targeting the industry.
Legal: DLA Piper / DD: ILV Silver
