Stelrad has entered into an agreement with De Longhi Industrial to acquire 100% of the share capital of DL Radiators for €28.346 million.
DL Radiators is a leading Italian heat emitter manufacturer, which produces and sells both hydronic and electric radiators into the domestic heating market. Its main manufacturing site is located in Moimacco, near Udine, Italy and employs approximately 350 people.
Its product range includes steel panel, multicolumn steel, aluminium and towel warmer radiators, providing customers with flexible heat emitter solutions suitable for a wide variety of installations.
Stelrad’s acquisition of DL Radiators extends the range of radiators available to its existing sales and distribution network, a statement said, expanding its routes to market.
DL Radiators’ management team, led by CEO Stefano Valente, will continue to run the business with oversight from Stelrad, and the transaction is anticipated to close in the coming weeks, following satisfaction of conditions precedent.
Trevor Harvey, CEO of Stelrad, said: “This is a compelling transaction for Stelrad and allows us to grow our business through the provision of additional products and through geographical expansion. DL Radiators has strong brands with a significant customer base and we look forward to working with the team to realise value opportunities and expand the market for their higher value product ranges.
“Following completion of this transaction, Stelrad will be a market leader in six countries and hold a top three position in five more. We will continue to develop our mainland European relationships with the long-established regional distribution players in those territories, ensuring we continue to adapt to evolving routes to market.”