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Press release

Milan (Italy) and Mainz (Germany), 18th July 2023 – Today, Epta S.p.A. (“Epta”) and Viessmann Refrigeration Solutions (“VRS”) announce to have signed an agreement to create a joint venture and build a new leading commercial refrigeration player in Central and Northern Europe. Both companies have decided to combine their respective commercial businesses, which include all of VRS’ commercial refrigeration activities in Germany, Poland, Czech Republic, Slovakia, Denmark, Finland, Sweden, Norway, the Baltics, and Epta's activities in Germany, Poland, Denmark, Finland, and Norway. By joining forces, Epta and VRS will significantly strengthen their offering and presence in Central and Northern Europe. The new joint venture, led by Epta, will have consolidated revenues of more than 400 million euros and over 1,600 employees.

Epta’s unique experience in commercial refrigeration and VRS’s renowned market positioning in this area will allow the new joint venture to:

- become a leading one-stop shop provider of energy-efficient and sustainable commercial refrigeration solutions for retailers as well as the food and beverage industry, based on a complementary geographical footprint.
- offer the broadest and most comprehensive range of commercial refrigeration solutions and services, based on sustainable innovations that accelerate the green transition.
- extend its leadership in the supply, production, installation, and maintenance of cooling systems, based on an extensive network of professionals across Europe.

Marco Nocivelli, President and CEO of Epta: “This is the beginning of a journey and a long-lasting partnership that will strengthen our position in Central and Northern Europe. Our combined expertise in the commercial refrigeration business is unique and we share similar values as family businesses. The new joint venture led by Epta represents a further step in our path to consolidate our status as a global player in the sector, thanks to an increase in production capacity and a strengthened international footprint. Within the scenario of ecological and digital transition, the creation of connections and the enhancement of network dynamics are a fundamental part of
generating a sustainable future: this joint venture perfectly represents our strategy and our desire to continue investing in the future of the Group in all the areas in which we operate."

Frank Winters, CEO of Viessmann Refrigeration Solutions: “The joint venture with Epta will create the ideal conditions for long-term profitable growth in a highly competitive market, uniting two market leaders in a future-proof partnership. Epta and Viessmann Refrigeration Solutions both strive for a positive impact with solutions that contribute to preserving the planet. We combine the best of both worlds: highly energy-efficient state-of-the-art solutions with scale and manufacturing power. The combination will allow unprecedented geographical coverage in Europe, which will benefit both local and international operating customers. Together, we co-create the best prospect for our customers, our employees, and for the generations to come.”

The shareholding structure will reflect the governance of the joint venture: Epta will own 70% of the joint venture, while VRS will own 30%. Upon closing the deal, Epta will fully consolidate the company into its Group financial statements.

The closing of the deal is subject to customary conditions precedent, including approval by the Antitrust Authorities, expected in the fourth quarter of 2023.  Epta’s business activities in Western and Southern Europe, Middle East, Latin America, the US, as well as Asia Pacific and Oceania, are not affected by this joint venture agreement. The transaction does not include VRS’s clean and cold room solutions activities. VRS’s production site in Hof (Germany), the related sales companies and Viessmann Technologies will fully remain with the Viessmann Group. Epta has been assisted in connection with the transaction by Mediobanca as financial advisor and Chiomenti as legal advisor. VRS has retained DC Advisory as financial advisor in connection with the transaction and Schalast as legal advisor.

Epta. Advanced solutions for your store.
EPTA – A multinational group specialising in commercial refrigeration, it operates worldwide through its brands Costan (1946), Bonnet Névé (1930), Eurocryor (1991), Misa (1969), Iarp (1983), and Kysor Warren (1882). Epta positions itself on the domestic and international markets as a partner capable of producing and marketing complete refrigeration systems, thanks to the integration of specific product lines such as: traditional positive vertical and semi-vertical, vertical and negative horizontal refrigeration counters, incorporated unit counters (Plug-in) for the Retail, Food & Beverage and sectors, medium and large power units and cold rooms, and a complete portfolio of pre- and after-sales services. Headquartered in Milan, it has more than 6,000 employees, several production sites in Italy and abroad, and a capillary technical and commercial presence all over the world, guaranteed by more than 40 technical-commercial branches.

Barabino & Partners
Media Relations
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Stefania Bassi – 335 62 82 667
Francesco Faenza – 345 83 16 045
Giulia Cancellieri – 334 39 70 072


The family company Viessmann was founded in 1917 as a local garage for heating technology. Today, it has become a global, broadly diversified Group with over 14500 family members and a total revenue of over 4 billion euros. The Climate Solutions and Refrigeration Solutions business areas include sustainable solutions in heating, cooling, water and air quality. Under Viessmann Investment, the Group bundles all strategic partnerships and investments in mid-sized companies. The diversification unit VC/O manages all venture capital investments in early-stage technologies, including Maschinenraum as a growing ecosystem for family companies. The development and operations of sustainable buildings are led by the diversification area Real Estate. The Viessmann Foundation coordinates all social commitments and represents the social responsibility of the family business. All activities are based on the company’s purpose "We create living spaces for generations to come". This is the responsibility that the large Viessmann family faces every day.

Viessmann Group
Byung-Hun Park
Vice President Corporate Communications
M: +49 151 64911317