M&A

Riello, six offers for purchase

Proposals from Ariston, Ferroli, Midea, Haier and the Aurelius and Syntagma funds

by Carlo Festa

14 November 2025

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Large Italian and foreign multinationals and private equity funds active in the carve-out sector are in the field for Riello. In the last few hours the advisor Bank of America has received non-binding offers for the Italian boiler and air-conditioning systems bigwig that the current shareholder, the US giant Carrier Global Corporation, has decided to put up for sale.

According to rumours, there are five to six offers and they have been forwarded to the advisor Bank of America. Among these, the Italian multinational Ariston Group, supported in the operation by advisor Mediobanca, would have realised the interest shown in recent months with a proposal. The acquisition of Riello would be part of the strategy of Ariston, which has already planned investments of €500 million in Italy, of which about half in research and development.

Another offer would have come from the other tricolour bigwig Ferroli (owned by the British private equity Attestor), supported by the advisor Jefferies. In addition, the Chinese giant Haier, world leader in household appliances, which already bought the Candy group in Italy in September 2018 for €475 million, would have come forward. But the other Chinese company Midea, flanked by advisor Rothschild, has also made a move.

Then came proposals from a number of European private equity firms specialising in corporate carve-outs, i.e. the acquisition of business units, divisions or assets sold by multinationals. The interest would be materialised, in particular, by the Belgian fund Syntagma Capital, founded in 2009 and headquartered in Brussels.

Another offer is said to have come from the German fund Aurelius, already present in Italy and which recently acquired 100 per cent of Fiamm Energy Technology (formerly Fiamm), an Italian company specialising in energy storage solutions and batteries, from Japanese owner Resonac Corporation.

In light of the size and characteristics of the non-binding offers, the US-based Carrier Global Corporation could now start a phase of reflection and analysis, and then continue the process and continue negotiations with some of the suitors. The matter is being followed very closely at trade union and government level, so as to avoid a relocation of production.

During the last meeting on 22 October at the Ministry of Enterprise and Made in Italy - which was attended by the technical structures of the ministry, representatives of the company, the Lombardy Region, the Veneto Region, and the trade unions - Mimit reiterated the need for the possible sale to guarantee a solid industrial relaunch project consistent with the ministry's expectations.

In particular, guarantees were requested so that the future buyer would not limit itself to the mere continuation of sales activities, but would make a concrete commitment to enhancing the value of a historic company like Riello, a reference point for the sector and the territory. In fact, the company has about 1,200 employees globally, more than half of whom are in Italy: in particular in Veneto, in Volpago del Montello, in the province of Treviso, and in the historic centre of Legnago in the province of Verona, and in the research and development centre in Lecco. Last year, the Riello plant in Morbegno (Sondrio) was closed, while in 2021 the same fate befell the factory in Villanova, in the province of Pescara.

In parent company terms, Riello has a turnover of around EUR 400 million. It is a historic Italian company: it was founded in 1922 as Officine Fratelli Riello in Legnago, in the province of Verona, and has always represented Italian-made products. Since the end of 2015, however, it became part of the giant United Technologies Corporation and since 2020, after the split of the US group into three different companies, it has been owned by Carrier Corporation. The decision to divest Riello was made in light of the rationalisation of the US group's corporate network, following the acquisition of Viessmann Climate Solutions in 2024.