Riello for sale, Chinese bigwigs and Ariston open dossier

Large Italian multinationals, such as the Ariston Group, but also Chinese and European groups, are moving to study the dossier of the Italian group Riello, the tricolour big name in boilers that the US giant Carrier Global Corporation has decided to put up for sale. Riello is a historic brand, established in 1922, with a strong manufacturing presence in the Veneto region, which has had American ownership since 2015. Its main brands (Riello and Beretta) are rich in tradition and have catalysed the attentions of the industry bigwigs.

Expectations are for the start of a sales process, which formally has not yet started: the 'process letters' have not yet been sent out to potential interested parties. But something is slowly moving: according to some sources, non-binding offers for Riello could be expected in mid-November, and at work would be the merchant bank Bofa-Bank of America. According to insiders' expectations, after this preliminary phase, the sale by Carrier Global Corporation should be concluded in the course of 2026, a date that has been confirmed in recent weeks by the American shareholder itself, which is rationalising its corporate network after the acquisition of Viessmann Climate Solutions in 2024.

But who would be in the running for the takeover? Most likely in the running would be Ariston Group, the Italian giant active in sustainable water and space heating solutions, with 2.6 billion in turnover and a strong track record in acquisitions and creating synergies. In terms of M&A, Ariston achieved one of its largest acquisitions in Germany in 2022 by taking over Centrotec Climate Systems with brands such as Wolf. But growth is also organic: Ariston has already planned 500 million euro investments in Italy, about half of which in research and development. Now the radar, according to rumours, would be pointed precisely at Riello to build a large all-Italian pole.

But Ariston would not be the only Italian player in the field: the dossier would also end up on the table of Ferroli, the Verona-based heating systems group owned by the British private equity Attestor. Then there are, in addition, foreign buyers, especially Chinese giants. These include Haier, the world's leading multinational in the household appliance sector, and Midea, one of China's leading home appliance manufacturers.

These are giants with tens of billions in turnover, who are looking for buying opportunities in European brands: Midea recently bought the Swiss group Arbonia climate, also becoming the owner of an Italian brand such as Sabiana. The Riello dossier has also been approached by the French Groupe Atlantic, while it remains to be seen what foreign companies such as the German Vaillant, the Dutch Bdr Thermea (with the Baxi brand produced in Bassano del Grappa), the other German Bosch, but also the Japanese multinational Daikin will do.