Data centre cooling, Comfico acquires Ivi

An expansion to ride the wave of AI and ESG regulations. Cofimco, the Italian reference company for axial cooling systems, has announced the acquisition of the Turin-based Ilmed Ventilazione Industriale (IVI), a company with almost forty years of experience and a solid presence in China. The deal consolidates the Novara-based company's position in data centre cooling, shipbuilding, power generation and high-intensity industry. Indeed, the explosion of AI services, cloud and high performance computing (HPC) has driven the global market for data centre cooling systems: today it is worth around $16.8 billion and could exceed $42 billion by 2032, with an annual growth rate of 12.4%, according to research by Fortune Business Insights. And growth for liquid cooling is projected to be even more dynamic: it is expected to grow by 33 per cent annually until 2032.

The acquisition is part of an international growth strategy promoted by PX3 Partners, a London-based private equity fund that has controlled Cofimco since 2023. Andreas Coumnas, CEO of Cofimco, commented: 'The integration of IVI into Cofimco strengthens our ability to offer innovative solutions and consolidates our presence in key global markets. The union of these two Italian companies also has other sectors in focus: the marine sector, which is now looking for energy-efficient and robust solutions for new-generation ships, and power generation, where axial fans find application in both traditional plants and new technologies for carbon capture (CCS) and liquefied natural gas (LNG). Sectors that in turn are experiencing growing investment on the back of ESG regulations. Cofimco's industrial expansion also passes through Asia and North America. IVI's production plant in Ningbo, China, is a strong point in the Asia-Pacific region, where an increasing share of the demand for high-performance cooling systems is concentrated. In parallel, Cofimco is starting up a new plant in Houston, Texas: a manufacturing hub designed to serve the North American market, one of the most dynamic in the world in the digital infrastructure and renewable energy sectors.

According to Allied Market Research data, the global HVAC market alone - which includes heating, ventilation and air conditioning - could exceed USD 60 billion by 2032. Within this context, Cofimco aims to stand out for its engineering capability, rapid customisation and reliability in 'mission critical' environments. The operation was followed by Aon for the benefits and insurance part, Chiomenti for the legal support, and EY for the financial, accounting and tax aspects. The ESG plan was entrusted to ERM, while Kearney followed the IT synergies.