100% of Riello to Ariston Group. Ursus: "It returns to Italian hands after years"

Ariston Group acquires 100% of Riello Groupa historic operator in the sector, known for the portfolio of iconic brands which Riello e Beretta. A note from the group reports this.

In 2025 Riello expects to reach approximately 400 million euros in net revenues and approximately 35 million euros Adjusted EBITDA. The parties have agreed on a Enterprise Value of 289 millionon a cash and debt-free basis, equal to approximately 5x EV / Ebitda adjusted 2026, including the estimate of regime synergy.

Financial details and closing timelines

The operation is expected to generate a positive impact on adjusted earnings per share already from the second year post-closing, with a high-teens increase in 2026, including the estimate of fully operational synergies. The acquisition will be financed with own funds of Ariston Groupwith payment expected upon completion of the operation. Post-acquisition, the NFP debt/Ebitda ratio is expected to be less than 2.5x. Completion of the transaction remains subject to customary closing conditions and is expected by the end of first half of 2026.

Transfer of assets and personnel

All the main ones industrial structures of Riello will be transferred to Ariston Group, including the production plants of Legnago and Volpago (Veneto, Italy), Torun (Poland), Shanghai (China), the assembly and testing site of Mississauga (Ontario, Canada) and Centri R&d of Lecco (Lombardy, Italy) and Angiari (Veneto, Italy). About 1,150 Riello employees will become part of Ariston Group, with approximately half based in Italy. The brands Riello and Beretta will continue to operate in Italy and in international markets, maintaining theirs distinctive identitytheir respective go-to-market strategies and product lines.

Strategic impact in Italy and around the world

In Italy, thanks to the combination of businesses, the Group will strengthen its role in the food sector climatic comfort and of water heatingexpanding the product portfolio and leveraging a large network of loyal installerssupported by a widespread network of after-sales assistance. Italian customers will be able to take advantage of complete servicesfrom installation to continuous support, fundamental elements in the context of technological transition.

The transaction also positions Ariston as global reference in clean combustion technologies (residential, commercial and industrial applications). Ariston will be able to boast one of more complete portfolios of the combustion systems and burners sector – powered by natural gasmixtures a hydrogen, biogas, biofuels and fuel oils – with a significant international presence in Europe, North America and Asia.

The statements

“I am pleased to announce the acquisition of Riello, a key milestone in our growth strategy,” he said Paolo Merloni, Executive President of Ariston Group. And he added: “Riello proudly represents a century-old Italian icon in the sectors of thermal comfort and advanced combustion technologies. In continuity with the reasons behind our stock market listing in 2021 and with the numerous acquisitions made in the last decade, including Wolf-Brink, we are determined to play an active role in the process of consolidation of our sector; scale and innovation are the fundamental elements for the energy transition and for managing the growing sophistication of the market”.

“Riello boasts a prestigious history and very talented people,” he said for his part David Gitlin, president and CEO of Carrier. “We believe Ariston Group is ideally positioned to lead Riello into its next phase of growth by building on its history.”

“We are proud to welcome the Riello team to the Ariston Group family”, he finally declared Maurice Brusadelli, ad of Ariston Graup. And he explained: “The partnership unites the prestigious Riello and Beretta brands with those of Ariston Group. Beyond Italy, this strategic acquisition strengthens our presence in several international climate comfort markets, particularly in North America. It will allow significant opportunities for value creation, also through common technological platforms and purchasing synergies.”

Urso, “Riello returns to Italian hands”

“The Riello Group, undisputed protagonist of Italian industry, after years it returns to Italian hands. The acquisition by Ariston Group closes a complex path, followed in every phase by Mimit, and marks an industrial transition of strategic importance”. This is the comment of theMinister of Business and Made in Italy, Adolfo Urso.

“An operation – added Urso – which strengthens the country’s supply chain, protects employment and guarantees continuity and development of production activities, as part of a solid, long-term growth strategy”.

It will take place on Thursday 18 December at 11am at Mimit the table on the Riello disputealready called in view of the acquisition by Ariston Group. The ministry announced this in a note.