Carel Industries (IT) announced its acquisition of Cotes (DK), a move aimed at strengthening its position in humidity control with desiccation and energy-efficient technologies. The deal, valued at $62 million, was completed on terms that include enterprise value of 419 million Danish crowns (about 56.1 million euros).
| Acquirer | Carel Industries (IT) |
| Target | Cotes (DK) |
| Value | $62m |
| Type | Acquisition |
| Close date | Not disclosed |
| Buy-side advisors | Mediobanca |
| Sell-side advisors | Not disclosed |
| Legal (buy) | Chiomenti, Gorrissen Federspiel, Wolf Theiss |
| Legal (sell) | Not disclosed |
Carel Industries said the acquisition will enhance its portfolio with Cotes’ expertise in desiccation and energy-efficient solutions. This deal aligns with Carel’s strategy to expand into markets with high potential for energy-efficient technologies.
The transaction was structured on an enterprise value of 419 million Danish crowns, approximately equivalent to 56.1 million euros. The acquisition price is entirely settled in cash using available financial resources. Conditions precedent customary for such deals were included, including regulatory approvals and other closing conditions.
Deal Context
Carel Industries has been actively pursuing strategic acquisitions to solidify its market leadership in the control of humidity and refrigeration systems. Cotes’ technologies complement Carel’s existing offerings, providing synergies that will drive operational efficiency and innovation within the combined entity.
Cotes is a leading provider of desiccant dehumidification solutions known for its energy-efficient products. The acquisition positions Carel to better serve customers in sectors such as healthcare, food processing, and manufacturing where humidity control plays a critical role.