Information on the target
White Bridge Investments III has announced the acquisition of a majority stake in Axial Fans International, a leading technology company specializing in the design, manufacture, and installation of industrial axial fans and related components for large-scale cooling and ventilation applications. The company also provides maintenance, monitoring, and technical support services. The seller is the Mosiewicz family, the founding and majority shareholder of the company, who will reinvest in a minority stake but will not take on operational roles in the management of the business, which will continue to be led by the current CEO, Francesco Racheli.
Founded in 2011 in Besnate (Varese), Axial Fans International has established itself as a leading provider of patented and differentiated technologies for axial fans. Its flagship solutions, including UNIQUE and STEALTH, offer significant improvements in energy efficiency, airflow performance, and noise reduction. AFI serves clients in over 40 countries, with a particular focus on end markets such as LNG, oil and gas, geothermal energy, power generation, and data centers. The company closed the 2025 fiscal year with €43.4 million in net revenues, an EBITDA of €13.3 million, and net liquidity of €6.4 million.
Industry overview in the target’s specific country
The Heating, Ventilation & Air Conditioning (HVAC) Systems industry in Italy has been experiencing robust growth, driven by increasing demand for energy-efficient solutions and advancements in technology. The Italian market is characterized by a strong emphasis on sustainability, with regulatory frameworks encouraging the adoption of energy-efficient systems. This trend is further supported by the European Union's commitment to reducing carbon emissions, which has led to significant investments in HVAC technologies.
In recent years, the Italian HVAC industry has seen a shift towards smart technologies, integrating IoT and automation into traditional systems. This evolution is enhancing the efficiency and functionality of HVAC solutions, making them more appealing to both residential and commercial sectors. The growing awareness of indoor air quality and its impact on health has also propelled the demand for advanced ventilation systems, positioning companies like Axial Fans International favorably within the market.
Moreover, Italy's strategic location in Europe provides a gateway to various international markets, allowing HVAC companies to expand their reach. The increasing focus on renewable energy sources, particularly in the context of heating and cooling applications, is creating new opportunities for innovation and growth within the industry. As businesses and consumers alike prioritize energy efficiency, the HVAC sector is poised for continued expansion, with significant potential for companies that can offer cutting-edge solutions.
Overall, the HVAC industry in Italy is on an upward trajectory, supported by technological advancements, regulatory incentives, and a growing emphasis on su…