Ariston Group Acquires 100% of Riello Group from Carrier Global for EUR 289 Million

Ariston Group has agreed to acquire 100% of Riello Group from Carrier Global Corporation for an enterprise value of EUR 289 million. The acquisition, expected to close in the first half of 2026, is part of Ariston's strategy to enhance its presence in both domestic and international markets, particularly in North America, and to strengthen its capabilities in combustion technologies, including hydrogen and biogas burners.

Riello anticipates generating approximately EUR 400 million in net revenues and EUR 35 million in adjusted EBITDA in 2025. The acquisition will involve around 1,150 Riello employees, with half based in Italy, and all major industrial assets, including production facilities in Italy, Poland, China, and Canada, will be transferred to Ariston. The deal aims to create around EUR 25 million in EBITDA synergies by the fourth year post-closing, with an expected positive impact on adjusted earnings per share from the second year.