CAREL Industries has agreed to acquire 100% of Cotes A/S and Tørbåd ApS, collectively Cotes, for an enterprise value of DKK 419 million (€56.1 million). Closing is expected in the third quarter of 2026, subject to customary conditions, including regulatory approvals. The acquisition will add adsorption dehumidification technology to CAREL’s humidity-control portfolio for HVAC and industrial applications.
Founded in 1986 and headquartered in Denmark, Cotes designs, manufactures and markets adsorption dehumidifiers. Its portfolio includes modular dehumidifiers, mobile adsorption units, lightweight dehumidifiers, desalting systems for offshore wind applications and ultra-low dew point solutions for critical manufacturing environments.
Cotes supplies applications including offshore wind energy, pharmaceuticals, food processing, cold storage and battery production. The company has more than 120 employees, a production facility in Poland and an international distribution and partner network.
For the 2026 financial year, Cotes is expected to generate revenue of approximately €31.5 million and EBITDA of approximately €6.5 million. CAREL said the transaction complements its 2018 acquisition of HygroMatik and broadens its capabilities across humidification, dehumidification and control technologies.
Francesco Nalini, CEO of CAREL, said: “Cotes brings leading expertise in adsorption dehumidification, a highly complementary technology that expands our capabilities in humidity management and enhances the value proposition we offer to customers worldwide.”