近日阿里斯顿集团完成了对德国CENTROTEC Climate Systems的收购，这是阿里斯顿集团历史上的最大一笔收购，也是阿里斯顿集团提高可持续供暖能力和实现环境、社会责任和公司治理目标（ESG）的重要一环。此次交易将会更加关注使用天然制冷剂的新一代热泵，发挥CENTROTEC Climate Systems在新风领域的潜力。双方合作将汇集著名品牌Wolf、Brink、Pro-Klima和Ned Air以及阿里斯顿集团的高端品牌Elco和ATAG，充分发挥各品牌的特点、实现产品组合的优势互补。此外也会借助集团规模、技术、市场准入和全球分布等优势，释放增长机会和协同效应。

CENTROTEC Climate Systems报告称，2021年公司净收入为5.99亿欧元，在2018～2021年、2022年上半年均实现了两位数的营收增长。2021年调整后的税息折旧及摊销前利润为8,480万欧元。

根据阿里斯顿集团2022年9月15日发布的新闻稿，此次收购Ariston Holding NV将以7.03亿欧元及约4,142万股阿里斯顿股票的价格，从Centrotec SE收购CENTROTEC Climate Systems100%的股份。在交易完成后的首年，预计每股收益会因协同效应带来积极的效益增长，在中期内预计会创造显著的价值和协同潜力。本次交易预计于2022年12月31日结束。

Ariston Holding N.V.（“阿里斯顿”）(MTA/EXM；彭博股票代码:ARIS IM，以下简称为 “普通股”)，国际供暖热水系统及服务供应商，是一家在米兰泛欧交易所（Euronext Milan）上市的公司，该交易所是由意大利证券交易所（Borsa Italiana S.p.A.）组织和管理的受监管市场，其宣布今日经成功竞投程序后，阿里斯顿已与CENTROTEC SE（“CENTROTEC”）签署具有约束力的协议（以下简称为“交易”），收购CENTROTEC Climate Systems GmbH（以下简称为“CENTROTEC Climate Systems”）100%的股份。

CENTROTEC Climate Systems旗下拥有著名品牌Wolf、Brink、Pro-Klima和Ned Air，在供暖、新风、空气处理和热电联产解决方案方面处于主导地位，公司共有约2500名员工，在德国、荷兰和其他欧洲市场都有良好的声誉。其生产基地主要位于德国、荷兰和克罗地亚。2021年CENTROTEC Climate Systems的营收为5.99亿欧元，调整后的息税折旧摊销前利润为8,480万欧元，过去几年营收和盈利能力增长强劲。2018年～2021年营收年均增长率为+11.2%，2022年上半年同比增长16%。

该交易将进一步丰富阿里斯顿在可持续供暖及热水领域的产品供应，标志着阿里斯顿集团向ESG目标迈出重要一步。在CENTROTEC Climate Systems的子品牌中，Wolf是德国新一代热泵开发的先驱(该公司早在2019年就推出了新一代热泵)，采用天然制冷剂(R290)、产品具有高效率和低噪音的优越性能，在德国拥有重要市场地位，在其他欧洲市场也有稳固的市场地位。Brink是欧洲先进的家用新风设备制造商。它为健康的生活环境，特别是为近零能耗建筑（nZEB）提供先进技术，是实现欧洲能源效率和低碳战略目标的支柱企业之一。Wolf（以及品牌Pro-Klima和Ned Air）深耕空气处理装置业务，致力于提供高效的气流控制系统，为商业建筑空间打造良好的室内空气环境。

Wolf、Brink、Pro-Klima和Ned Air将继续追求创新产品和技术开发，并将充分借助阿里斯顿的规模、技术、市场准入和全球布局以及商业协同优势。Wolf将与阿里斯顿的品牌Elco和ATAG一起， 利用每个品牌的特点、产品组合的优势互补、新一代热泵、应用解决方案的专有技术和卓越的售后服务，共同加强集团的中高端供暖及热水产品。Brink将为阿里斯顿提供提升住宅新风潜力所需的技术、产品组合和生产基地。空气处理装置将补充阿里斯顿为商业客户提供气候解决方案的能力。

交易-协同效应前将从首年起产生每股收益。集团估计，稳定状态下的协同效应价值2000万至2500万欧元，这将使协同效应后价值倍增(收购企业价值EV/预估2021年EBITDA+协同效应)接近10倍。此外，考虑到区域差异和产品组合，预计中期收购的周边业务将实现较高的个位数增长。

此次并购交易进一步加强了阿里斯顿在欧洲市场的地位，特别是提升了在德国和荷兰市场的影响力。德国是欧洲最大的经济体，预计在未来几年将成为热泵领域增长最快的市场之一，也将成为阿里斯顿的重要市场。

（阿里斯顿集团执行董事长 Paolo Merloni 先生）

阿里斯顿执行董事长Paolo Merloni评论道:“我非常高兴宣布这项交易的达成，这是阿里斯顿历史上最大的一笔交易。我们欢迎Wolf、Brink、Pro-Klima和Ned Air加入我们的大家庭，这是阿里斯顿集团发展道路上的重要一步，符合我们对“人人尽享可持续舒适体验”的愿景，符合我们的ESG承诺，也符合我们在IPO时设定的目标。通过结合两家公司的优势，阿里斯顿将加强在行业的领导地位，强化人才和资源，并扩大规模，有利于应对欧洲能源转型新时代的挑战。我非常高兴地欢迎所有CENTROTEC Climate Systems的员工，在其首席执行官Thomas Kneip的带领下，加入我们集团。令我感到非常自豪的是，CENTROTEC决定成为阿里斯顿的重要股东，其监事会主席Guido Krass将在交易结束后在阿里斯顿董事会任职。”

CENTROTEC监事会主席Guido Alexander Krass表示:“阿里斯顿享誉国际，是值得信赖的合作伙伴；阿里斯顿致力于提供节能、可再生的供暖及热水解决方案，是助推CENTROTEC Climate Systems发展的最佳合作伙伴。双方合并之后，公司将在欧洲技术转型中抓住更多机会，造福更多客户和员工。我们非常荣幸成为阿里斯顿的股东。”

 阿里斯顿首席执行官Laurent Jacquemin说道:“我们热烈欢迎CENTROTEC Climate Systems的员工来到阿里斯顿。在达成协议的几个月里，共同的价值观和文化给我们留下了深刻的印象。双方都有着强烈的企业家精神，深刻理解和洞察客户的需求，为广大用户提供最佳解决方案。我认为这是成功的最佳秘诀。双方合作将为所有股东创造更大的价值。”

交易详细信息

此次交易将以实物形式向阿里斯顿提供CENTROTEC Climate Systems的全部股权，作为CENTROTEC认购41,416,667股阿里斯顿普通股(“新发行股票”)和阿里斯顿7.03亿欧元资金(在无现金和无债务的基础上)(“现金部分”)的对价。新发行股票将被锁定(见下文)，且其中19,321,473股将立即获准上市，其余股份预计将在交易完成后12个月获准上市。新发行股票将通过专项增资发行，相关细节后续将继续公布。

现金部分和新发行股票将在交割时分别以CENTROTEC 为受益人进行支付和发行；新发行股票按惯例将有一个锁定期，在首12个月内锁定新发行股票的100%，在随后的12个月内仅锁定50%。

新发行股票将约占阿里斯顿已发行股份（也包括非上市多数表决权股份）的11.1%，以及总投票权的2.6%。在交易结束后，CENTROTEC将有权任命本公司董事会的一名成员。

交易的完成取决于以下条件的满足：（1）公司股东大会对交易的批准；（2）主管部门的特定授权。公司的主要股东Merloni Holding S.p.A.已经承诺对交易投赞成票，预计交易将于2022年12月31日完成。

在本次交易中，阿里斯顿聘请CC&Soci和高盛银行欧洲分行作为财务顾问；Pedersoli作为首席律师，Clifford Chance和Houthoff分别作为德国和荷兰法律的法律顾问；KPMG负责尽职调查，Equita SIM作为公平意见提供者向阿里斯顿的董事会提供建议。

关于阿里斯顿集团

阿里斯顿集团是先进的全球热水器、供暖产品和零部件等产品提供者。2021年，阿里斯顿集团收入近20亿欧元。集团拥有约8000名员工，在43个国家设有分支机构，在全球5大洲建有25个生产基地和26个研发中心。2021年11月，阿里斯顿集团Ariston Holding N.V.在米兰泛欧交易所上市。

阿里斯顿集团通过节能环保和可再生能源解决方案实现可持续发展愿景，例如热泵、水源热泵、混合解决方案和太阳能热系统。阿里斯顿集团以技术创新、数字化和对先进连接系统的持续投资而著称。

集团主要依托全球品牌阿里斯顿和ELCO提供全方位的产品、解决方案和服务，依托本土品牌如Calorex、NTI、HTP、Chaffoteaux、ATAG、Chromagen、Racold以及Thermowatt和Ecoflam经营组件和燃烧器业务。

前瞻性陈述

该公告包含前瞻性陈述、估计及预测，反映了管理层对后续发展趋势的观点。这些前瞻性陈述包括但不限于除历史事实陈述以外的所有陈述，包括但不限于有关本集团未来财务状况、经营结果、策略、计划、目标及指标，以及本集团经营或拟经营市场在未来的发展情况。前瞻性信息是集团基于目前可获得的信息和重要假设而得出，因此，前瞻性陈述仅限于本公告日期。关于前瞻性陈述我们无法保证结果，实际情况可能会因集团所面临的风险和不确定性而有所差异，这意味着实际结果可能与前瞻性陈述中所表明的未来结果有较大出入。出于对不确定性和风险的考量，建议读者不要过分依赖前瞻性声明来衡量对实际结果的预测标准。在没有适用的法律及法规情况下，阿里斯顿集团不承诺对前瞻性陈述进行更新或修订以反映预期变化、相关陈述所基于的事件、条件或情况的任何变化。本集团明确声明，对于本文件中任何前瞻性陈述以及任何相关口头陈述中的不准确之处，阿里斯顿集团不承担任何责任，包括公告发布后对问题的口头回答、任何第三方的使用问题。关于阿里斯顿集团及其活动的更多信息，例如可能对财务业绩产生重大影响的因素，请查看AFM及Consob报告及文件。

Ariston to welcome CENTROTEC Climate Systems into the Group in largest deal to date, increasing the focus on premium sustainable solutions

l A significant step along Ariston Group’s sustainable heating and ESG strategy

l Reinforcing the focus on new generation heat pumps with natural refrigerants and unleashing the potential to expand into ventilation

l Bringing together the complementary strengths of renowned brands Wolf, Brink, Pro-Klima and Ned Air, and Ariston Group’s premium brands Elco and ATAG to unleash growth opportunities and synergies leveraging on the entire Group’s scale, technologies, market access and global footprint

l CENTROTEC Climate Systems reported net revenue of €599M in 2021, recording double-digit top-line growth over the period 2018-21 and in H1 2022

l 2021 Adjusted EBITDA of €84.8M

l Positive pre-synergies contribution to EPS already from the first year, significant value creation and synergy potential in the medium term

l Ariston Holding NV will purchase 100% of CENTROTEC Climate Systems from its parent company, CENTROTEC SE, for €703M in cash and approximately 41.42M Ariston’s shares

l Expected closing by December 31st, 2022

Ariston Holding N.V. (MTA/EXM; Bloomberg ticker: ARIS IM), a global leader in sustainable solutions for thermal comfort, with ordinary shares listed on Euronext Milan, a market organised and managed by Borsa Italiana S.p.A. (respectively, “Ariston” or “Company” and the “Ordinary Shares”), announces that, today, after a successfully bidding process, a binding agreement has been signed with CENTROTEC SE (“CENTROTEC”) for the acquisition of 100% of the share capital of CENTROTEC Climate Systems GmbH (respectively, the “Transaction” and “CENTROTEC Climate Systems”).

 Via its renowned brands Wolf, Brink, Pro-Klima and Ned Air, CENTROTEC Climate Systems is a leading player in the supply of heating, ventilation, air-handling and combined heat & power solutions, with ca. 2,500 people employed and a well-established presence in Germany, in the Netherlands and a solid exposure to many other European markets. The manufacturing base is mainly located in Germany, the Netherlands and Croatia. Revenues were €599M in 2021 with an adjusted EBITDA of €84.8M and a robust growth in revenues and profitability in the last years: top line grew at a +11.2% CAGR between 2018 and 2021, and by 16% YoY in H1 2022.

The Transaction will enrich Ariston’s offer of sustainable heating systems and represents a major step towards the Group’s ESG objectives. Wolf is a pioneer in the development of the new generation of heat pumps in Germany (which it launched as early as 2019) – with natural refrigerant (R290), high efficiency and low noise performances – and enjoys a robust and growing position in Germany, as well as solid presence in other European markets. Brink is a leading European player in heatrecovering domestic ventilation, the enabling technology for a healthy living environment and especially for nearly Zero-Emission Building (nZEB), a pillar of the European strategy towards energy efficiency and decarbonisation. Wolf (along with brands Pro-Klima and Ned Air) also operates a successful air-handling-unit business, offering high-efficiency airflow control systems supplying fresh conditioned air for spaces in commercial buildings.

 Wolf, Brink, Pro-Klima and Ned Air will continue to pursue their innovative product and technology development roadmap, benefitting from Ariston’s scale, technology, market access and global footprint, as well as commercial synergies. Along with Ariston’s brands Elco and ATAG, Wolf will reinforce the mid- to high-end heating offer of the Company, leveraging on the unique identity of each brand, the product portfolio complementarity, the new generation heat-pumps, the know-how on application solutions and the after-sales service excellence. Brink will provide Ariston with the technology, product portfolio and manufacturing base needed to capture the potential of residential ventilation. The air-handling units will complement Ariston’s offer of climate solutions to commercial clients.

 The Transaction – pre-synergies – will be accretive to EPS from the first year; the Group estimated synergies worth €20-25M at steady state, which would bring the post-synergy multiple (acquisition EV/pro-forma 2021 EBITDA+synergies) below 10x. Additionally, a high single-digit growth is expected for the acquired perimeter in the medium term, on account of the geographical exposure and product portfolio.

 The deal further strengthens Ariston’s position in Europe, in particular in Germany and the Netherlands. Germany, Europe’s largest economy and expected to be one of the fastest-growing markets for heat pumps in the years to come, becomes the first country for Ariston.

Paolo Merloni, Executive Chairman of Ariston, commented: “I am very excited to be  

announcing this deal, the largest in Ariston’s history. As we welcome Wolf, Brink, Pro-Klima and Ned Air to our group, we make a major step consistent with our vision of Sustainable Comfort for Everyone, our ESG commitments, and the goals we set for ourselves at the time of the IPO. By bringing together the complementary strengths of the two companies, Ariston will reinforce its leadership position, strengthen its talents and resources and increase its scale to address the challenge of shaping the new era of energy transition in Europe. I am delighted to welcome all CENTROTEC Climate Systems people, led by CEO Thomas Kneip, to our Group. I am looking forward to working together towards achieving our common goals. I am also very proud that CENTROTEC decided to become a significant shareholder of Ariston, and will be represented in our Board of Directors by the Chair of its supervisory Board, Guido Krass, after the closing.”

Guido Alexander Krass, Chair of CENTROTEC supervisory Board, said: “Ariston is internationally renowned as a trusted partner in delivering energy efficient and renewable solutions for heating and hot water, and represents the best partner to continue and strengthen CENTROTEC Climate Systems growth journey. The combined organization has the potential to capture many opportunities for growth amidst the technology transition that is happening in Europe, to the benefit of customers and employees. We are very keen – as CENTROTEC – to become a relevant shareholder of Ariston.”

Laurent Jacquemin, CEO of Ariston, commented: “We welcome all the people of CENTROTEC Climate Systems to Ariston. In the months leading to this agreement, we were positively impressed by the many common values and cultural traits. We share a strong entrepreneurial spirit focusing on understanding and anticipating customers’ needs to provide them with the best solutions. To me, this is the best recipe for a successful journey together. This combination will allow to create substantial value for all stakeholders.” 

Transaction details

The Transaction will entail the in-kind contribution to Ariston of the entire shareholding in CENTROTEC Climate Systems in consideration of the subscription by CENTROTEC of 41,416,667 Ariston’s ordinary shares (“Newly Issued Shares”) and a cash-out by Ariston of €703M (on a cash- and debt-free basis) (“Cash Component”). The Newly Issued Shares will be subject to lock-up (see below) and immediately admitted to listing with respect to no. 19,321,473 thereof, whilst the remainder are expected to be admitted to listing 12 months after closing. The Newly Issued Shares will be issued through a dedicated capital increase and the related details will be announced in due course.

 The Cash Component and the Newly Issued Shares will respectively be paid and issued in favour of CENTROTEC at closing; the Newly Issued Shares will be subject to a customary lock-up period covering 100% of the Newly Issued Sharesfor the first 12 months, and only 50% for the subsequent 12 months.

The Newly Issued Shares will represent approximately 11.1% of the Ariston’s issued shares (which also consists of non-listed multiple voting shares) and 2.6% of the total voting rights. CENTROTEC will have the right to appoint, after the closing, a member of the Company’s Board of Directors.

The closing of the Transaction is subject to the fulfilment to the following conditions: (i) the approval of the Transaction by the Company’s shareholders meeting; and (ii) certain authorizations by the competent authorities. The main shareholder of the Company, Merloni Holding S.p.A., has already committed itself to vote in favour of the Transaction, which is envisaged to be consummated by December 31st, 2022.

In connection with this Transaction, Ariston was advised by CC&Soci and Goldman Sachs Bank Europe SE as financial advisors; Pedersoli acted as lead counsel, Clifford Chance and Houthoff respectively as legal advisors for German and Dutch law; KPMG for due diligence and Equita SIM as provider of the fairness opinion to Ariston’s Board of Directors.

About Ariston GroupAriston Group is a global leader in sustainable solutions for hot water and space heating, components and burners In 2021 the Group reported almost 2 billion euro revenues. Ariston Group has about 8,000 employees, representative offices in 43 countries, 25 production sites and 26 research and development centers in 5 continents. Ariston Group is listed on Euronext Milan since November 2021.Ariston Group demonstrates its commitment to sustainability through the development of renewable and high efficiency solutions, such as heat pumps, water heating heat pump, hybrid solutions and solar thermal systems. The Group also stands out for its continuous investment in technological innovation, digitalization and advanced connectivity systems.The Group offers a full range of products, solutions and services mainly under the global brands Ariston and ELCO, and operates under iconic local brands such as Calorex, NTI, HTP, Chaffoteaux, ATAG, Chromagen, Racold as well as Thermowatt and Ecoflam in the component and burner business.

Forward-looking statementsThis announcement may contain certain forward-looking statements, estimates and forecasts reflecting management's current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Group’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Group operates or intends to operate. Forward-looking information is based on information available to the Group as of today and is based on certain key assumptions; as such, forward-looking statements speak only as of the date of this announcement. No assurance can be given that such future results will be achieved; actual events may materially differ as a result of risks and uncertainties faced by the Group, which could cause actual result to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward- looking statements as a prediction of actual results. Except as required by applicable laws and regulations, the Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based; the Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document, and in any related oral presentation, including responses to questions following the presentation, or in connection with any use by any third party. Further information on the Group and its activities, including those factors that may materially influence its financial results, are contained in the reports and documents of the Group deposited with the AFM and CONSOB.