CO2 Pioneer Enex Acquired by CCC Holdings Europe

CCCHE subsidiary Roen Est – itself acquired this month – bought Enex.

Sergio Girotto, founder and CEO of Enex

CCC Holdings Europe (CCCHE) S.p.A., a holding company based in Italy, announced today the acquisition of Enex S.r.L by Roen Est S.p.A. a CCCHE subsidiary.

Roen Est – an Italian manufacturer of heat exchangers and ventilation units for the commercial and industrial segments of the HVAC&R industry in Europe – was itself acquired by CCCHE on February 3. 

Founded in 2004, Enex is a pioneer and technology leader in CO2-based refrigeration and commercial air conditioning and heating systems, having installed over 1,500 COtranscritical systems to date.  Enex, which reported nearly €10 million (US$11 million) in revenues in 2019, has approximately 50 employees, and a factory based in Treviso, Italy. 

Enex’s founder and CEO, Sergio Girotto, was named Accelerate Europe Person of the Year in 2018 for his pioneering role in the development of CO2-based refrigeration. He is credited with designing the first COtranscritical system for a supermarket, in 1999, and in 2001, he installed what is considered the first-ever CO2 transcritical system in a large supermarket. 

Girotto has patented a number of products and system designs, including a liquid ejector for overfeeding evaporators.

"CCCHE offers the support Enex needs to grow both organically and through acquisitions,” said Girotto in a statement. “I feel that we are at the beginning of a new chapter in the history of Enex, exploiting commercially all the innovation developed over the last years.”

“It is exciting to sign this second acquisition in a month, executing on our plan to acquire four to six companies over 2020-2021, on our way to creating a company with over €200M [US$217 million] in revenues” said Greg Deldicque, Chairman and CEO of CCCHE, in a statement. “Enex is a technological gem which is transforming the world of refrigeration racks, and HVAC natural chillers and commercial heat pumps. Sergio Girotto, Enex’s strong team, and CCCHE now aspire to make Enex a market leader.”

CCCHE said it makes “control investments” in middle-market European HVACR companies with revenues between €10 million (US$11 million) and €150 million (US$163 million). Investments span OEM/manufacturing, service/installation, and wholesale/distribution companies. It is led by entrepreneur Greg Deldicque, an HVACR industry veteran, and supported by long-time senior advisors Didier Da Costa, Eric Parrot, and Jean-Pierre Xiberras. Aside from Mr. Deldicque and his partners, Italmobiliare S.p.A. and Luca and Alberto Pretto are investors in CCCHE.


“I feel that we are at the beginning of a new chapter in the history of Enex.
– Sergio Girotto, Enex



By Michael Garry

Feb 17, 2020, 15:53




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