BDR Thermea completes full acquisition of Italy’s G.I. Holding in commercial HVAC capabilities
The deal brings CLINT, KTK, NOVAIR and MONTAIR brands into the BDR Thermea portfolio, accelerating delivery of integrated building decarbonisation solutions.
BDR Thermea, a leading international manufacturer of smart indoor climate solutions, today announced the completion of its acquisition of 100% of G.I. Holding, a leading Italian manufacturer of Heating, Ventilation and Air Conditioning (HVAC) solutions for commercial and industrial applications.
The acquisition builds on a partnership that began in 2023, when BDR Thermea acquired a 25% minority stake in G.I. Holding. Full ownership now strengthens strategic and operational alignment, and supports BDR Thermea's 2030 growth ambitions. It also reinforces BDR Thermea’s long-term commitment to Italy as a key market and innovation hub within its European operations.
Tjarko Bouman, CEO of BDR Thermea, said:
"This is a defining moment for BDR Thermea. G.I. Holding brings the high-capacity product portfolio, engineering expertise, and commercial competencies we need to deliver fully integrated decarbonisation solutions. With this step, we significantly expand our ability to serve the full spectrum of commercial HVAC needs – from residential complexes and hotels to data centers, education and retail environments.”
Paolo Baldissin, Former CEO of G.I. Holding, added:
"Our collaboration began over five years ago with a view to supporting BDR Thermea's business evolution toward centralized air conditioning systems for commercial and industrial buildings. This step now opens up new opportunities for G.I. Holding and its valued customers in an increasingly competitive market dominated by large industrial groups. BDR Thermea's long-term vision combined with its industrial approach will enable the G.I. Holding Group to continue growing.”
A strategic accelerator for the 2030 Strategy
The acquisition is a key step in delivering BDR Thermea's Strategy 2030: Focus. Transform. Perform., which sets the direction for the company’s long-term transformation. The strategy focuses on strengthening its position in residential and commercial markets, expanding connected heating and cooling solutions, and growing aftersales services. A key part of this is the shift from a product-led to a solution-led approach, delivering integrated HVAC systems tailored to customer needs.
G.I. Holding enhances these capabilities, by adding a strong commercial portfolio and deep expertise in engineering, system integration, and service. Its brands – CLINT (heat pumps and chillers), KTK KLIMATECHNIK (process cooling), NOVAIR (air quality solutions), and MONTAIR (data centre cooling) – expanding BDR Thermea's commercial offering. This acquisition also brings added strength in engineering, product management, training, and after-sales support, supporting the delivery of integrated solutions.
A complete commercial HVAC offering
Together, BDR Thermea and G.I. Holding now offer customers a comprehensive, integrated HVAC portfolio – positioning the company as a ‘one-stop shop’ for commercial heating and cooling solutions.
With stronger local presence across Europe, enhanced service capabilities, and close customer collaboration, the combined business can deliver tailored solutions for diverse markets and applications.
G.I. Holding's brands will remain distinct, supported by continued investment in R&D, product development, and market growth.
Strengthening manufacturing and global reach
The acquisition reinforces BDR Thermea's commitment to Italian manufacturing excellence. G.I. Holding's production facilities in Latisana, Ronchis, and Rivignano (Friuli Venezia Giulia) join BAXI's established presence in Bassano del Grappa (Veneto), creating a reinforced Italian industrial platform within the BDR Thermea's network of 14 manufacturing sites across Europe.
Approximately 300 G.I. Holding employees across Italy, Hungary, Malaysia, and the UAE join BDR Thermea, an organisation of more than 6,500 people operating in over 50 countries.
Effective upon closing, Alberto Favero has been appointed Managing Director of G.I. Holding, next to his current role as Managing Director of BDR Thermea Italy. He will lead G.I. Holding through its next phase of development as part of BDR Thermea.
Alberto Favero added:
"G.I. Holding has built strong brands, deep technical expertise and lasting customer relationships. I look forward to working with colleagues across G.I. Holding and BDR Thermea to build on these strengths, support our customers and continue the successful development of the business as part of BDR Thermea."
Part of a proven M&A strategy
This acquisition is part of BDR Thermea’s strategic M&A strategy to strengthen key capabilities, expand geographic reach and accelerate the shift toward integrated, low-carbon heating and cooling solutions.