BH – IVAR

BH S.r.l., the holding company of the Bertolotti family which heads the IVAR Group, has acquired 40% of IVAR S.p.A., a company already controlled by BH and one of the leading operators in the design and manufacture of energy-efficient heating and sanitary systems. The shareholding was sold by Begetube NV, a Belgian distributor of heating, ventilation and plumbing systems under the IVAR and Fraenkische brands in which IVAR is a shareholder. This brings BH’s shareholding in IVAR to 90%.

IVAR Group has been producing articles for heating and sanitary systems for over 35 years: valves for heating bodies, modules for direct metering, devices for heat distribution, pipes and fittings, substations for heating plants, distribution manifolds, radiant panel systems, components for solar and geothermal systems and boilers. All production is made in Italy, manufactured at the Prevalle (Brescia) plants. The Group has 11 foreign branches and generates a consolidated annual turnover of over 100 million Euros with an Ebitda of over 15 million Euros.

Begetube, currently managed by Mr Luc Van Onckelen and Mr Jerry De Weerdt, shareholders of the company with BH and IVAR, was founded in 1980 in Belgium and is the exclusive distributor of IVAR for the Benelux to wholesalers and installers of products and systems for the installation of heating systems (including plastic pipes for underfloor heating, pipe-in-pipe systems, insulating panels), ventilation systems and plumbing systems (complete range of plastic taps and fittings).

As part of a corporate reorganisation process, this operation consolidates BH’s control of the IVAR Group. Luc Van Onckelen, Jerry De Weerdt and BH remain in the ownership of Begetube in order to support its future development and growth in the Benelux.

The buyer was advised by Equita K Finance (Clairfield Italy), part of Equita Group, as financial advisor and by Russo De Rosa Associati for tax and legal matters. The seller was assisted by Studio Legale Gianni & Origoni for the tax and legal aspects under Italian law and by Desdalex for the aspects under Belgian law. The financing of the transaction was structured by Banca Popolare di Sondrio S.C.P.A.. Notary activities were handled by ZNR Notai.