The transaction has been successfully completed following the green light given by The Turkish antitrust authority, and CAREL has officially acquired a 51% stake in CFM Soğutma ve Otomasyon A.Ş, its distributor and historical partner in Turkey. CFM is a provider of digital and on-field services and complete solutions with high added value for OEMs, contractors and end users in the Turkish HVAC and refrigeration market.
This acquisition will allow CAREL to establish a direct presence in the important Turkish market and have a solid platform for the development of its business in the Middle East. Moreover, this deal allows CAREL to incorporate CFM’s distinctive business model, based on offering a wide range of complementary services, and further develop its potential in synergy with its own hardware, IoT and thermodynamic expertise.
Francesco Nalini, Group Chief Executive Officer, stated: “The acquisition of CFM is in line with our strategy of geographical expansion and development of know-how in digital, pre-sales and after-sales services. CFM has ample margins for growth in the future, in the field of refrigeration, air conditioning and humidification, allowing CAREL to assert its leadership in all of its relevant applications”.