Syntagma Capital portfolio company LFB Group has acquired Hydronic from the Eoliance air treatment group to expand its HVAC and refrigeration services across France.
Syntagma Capital is known for investing in businesses capable of leveraging its hands-on operational expertise to accelerate growth and improve performance, as well as create value for employees, customers, suppliers and shareholders alike. Since its establishment in Brussels in 2009, it has deployed more than €1.1 billion across over 40 companies (including in Luxembourg and Paris), representing more than €4 billion in combined revenues and employing more than 11,000 people worldwide.
“[LFB’s] acquisition of Hydronic is fully aligned with our strategy of developing specialised industrial leaders with attractive market positions and strong value creation potential,” said Syntagma Capital managing partner Sébastien Le Moult (pictured) in a statement.
With more than 65 years of industrial expertise, Hydronic is a well-established player in the French air handling unit market. “When I joined Eoliance [in January 2019], I had a strong conviction that Hydronic had tremendous human, industrial and technological potential. It was a ‘sleeping beauty’ that had to be given an ambitious vision and the means to make it a reality,” shared Eoliance president and CEO Stephane Nicoli. “With the commitment of the teams and the leadership of its managing director, Gilles Guillon, we transformed this conviction into an industrial project.”
Hydronic’s new growth strategy was based on a single major innovation: the MCX platform, a new generation of modular air-handling units built on advanced parametric design and manufacturing capabilities. “After years of work, creativity and perseverance, the MCX is now a high-performance and recognised solution, whose commercial success continues to accelerate,” Stephane added.
He was then faced with an important question: Who would be best placed to take Hydronic to the next level?
“The answer was naturally imposed with LFB,” Stephane pointed out, explaining that, through its presence in 46 countries, its industrial capacities, its R&D resources and its expertise in HVAC, LFB provides Hydronic with the necessary assets to scale up and accelerate its development in Europe. “I am convinced that this transaction will open up new perspectives for Hydronic's teams and give the MCX platform the European scope it deserves.”
In turn, Hydronic will also strengthen LFB’s position in high-value-added HVAC applications and expand its innovative technology offerings. “Hydronic brings recognised expertise, differentiated technology, and an experienced team, providing an excellent foundation for [LFB’s] next phase of growth,” Sébastien noted.
“Our common ambition is to accelerate innovation, improve energy efficiency and offer even more comprehensive solutions to our customers in Europe,” LFB said in a statement, adding that the onboarding process will begin soon.
