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Baxi parent company acquires stake in G.I. Holding

Baxi’s Parent company BDR Thermea Group, the global provider of smart indoor climate solutions, is acquiring a 25 per cent stake in G.I. Holding, a market leader in renewable energy-powered commercial and industrial climate solutions. 

Headquartered in Latisana, Italy, G.I. Holding manufactures and markets a range of heat pumps, liquid chillers, air handling units, rooftop-packaged units and fan coil units under the brand names of CLINT, KTK KLIMATECHNIK, and NOVAIR applied in comfort and process applications. 

The company also offers tailor-made cooling systems for server rooms and IT cooling applications under the brand of MONTAIR, and specialises in the use of low-global warming potential (GWP) and natural refrigerants. 

G.I. Holding has 300 employees and manufacturing plants in Italy and Hungary. Its solutions are sold in more than 70 markets. In the partnership, G.I. Holding and its brands will continue to operate under their existing names. Since 2020, BDR Thermea Group has been offering G.I. Holding’s medium- to high-capacity heat pumps under the BAXI brand in Italy, Spain and Portugal. 

The strategic partnership enables BDR Thermea Group to expand its offering of commercial, industrial and multi-dwelling residential heating and cooling solutions and provide G.I. Holding’s cutting-edge technology to customers in more markets. The companies will also collaborate in R&D to expand their portfolio of energy transition solutions for customers.

For Baxi’s commercial and industrial customers, the acquisition is set to provide the UK with enhanced capability in renewable technologies, including heat pumps and specialist climate control applications.

Commenting on the deal, Bertrand Schmitt, CEO of BDR Thermea Group, says: “Through this partnership, we speed up our capabilities and can offer our customers access to G.I. Holding’s electric-powered technology. The energy transition is in full swing, and electrification plays a key role in the decarbonisation of heating and cooling. I look forward to a great collaboration and partnership with G.I. Holding to better serve our customers in commercial buildings and build a sustainable future together.”

Paolo Baldissin, CEO of G.I. Holding, adds, 'By joining forces with BDR Thermea Group – another multi-brand powerhouse – we can integrate and complement our comfort solutions, extend our OEM collaboration with the Group, and initiate R&D synergies to develop future products and systems strengthening our low-GWP and natural refrigerants portfolio.

6 September 2023

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