Ariston acquires 100% of Riello, which becomes Italian again
The parties agreed on an enterprise value of EUR 289 million, equivalent to five times adjusted Ev/Ebitda 2026, including the estimated synergies when fully implemented
Ariston Group signed an agreement with subsidiaries of Carrier Global Corporation to acquire 100% of the shares and voting rights of Riello Group and Riello America Llc.
Founded in 1922 in Legnago (Verona), Riello operates in the field of climatic comfort and combustion technologies.
By 2025, the Riello Group's net revenue is expected to be around EUR 400 million with an adjusted gross operating margin (EBITDA) of around EUR 35 million.
The parties agreed on an enterprise value of EUR 289 million, equal to five times adjusted EBITDA/Ebitda 2026, including the estimated synergies when fully implemented.
Ariston's acquisition of Riello is expected to generate a positive impact on adjusted earnings per share as early as the second year post-closing, with a high teens in 2026, including estimated synergies when fully implemented.
