PALOMA RHEEM takes majority stake in GROUPE ATLANTIC
Context
Paloma Rheem Holdings (PRH) has finalized the acquisition of a controlling majority stake in Groupe Atlantic from its founding family shareholders in a transformational, highly sensitive transatlantic industrial transaction. The deal was structured via a definitive share purchase agreement and closed following formal regulatory clearance under France’s strict Foreign Direct Investment (FDI) review protocols. To secure authorization from the French Ministry of Economy, PRH entered into binding economic covenants explicitly committing to safeguard existing domestic jobs, preserve core R&D centers, expand local manufacturing lines, and maintain the company's long-standing corporate headquarters in France. The transaction integrates Groupe Atlantic into PRH's unified global air and water ecosystem, creating a multi-continental market leader. The investment thesis centers on combining Groupe Atlantic's dominant European eco-efficient heat pump technology with PRH’s global sourcing muscle, distribution networks, and advanced American and Asian HVAC platforms. To guarantee strict operational continuity, the transaction is structured under an autonomous subsidiary framework where the existing corporate management team remains fully in place, supported by the retained minority equity stakes of the historical family shareholders.
Previously, the company had pursued a consolidation strategy by acquiring Austria Email (2013) and Acv (2018).
GROUPE ATLANTIC, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Groupe Atlantic operates as a premier European manufacturer within the heating, ventilation, air conditioning (HVAC), and water heating equipment sector, playing a pivotal role in the building industry's low-carbon energy transition. The company’s business model relies on large-scale industrial manufacturing paired with multi-brand commercial distribution across residential and commercial real estate markets. The entity's value proposition is anchored in developing high-efficiency thermal solutions, commanding a robust portfolio of well-established, specialized brands. Supported by an extensive global manufacturing footprint and a multi-continental professional workforce, the firm leverages its consolidated operational infrastructure to drive international market penetration. Strategically, the group positions itself as the absolute market leader for heat pumps and thermodynamic water heaters in its primary domestic market.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with GROUPE ATLANTIC
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2018 | GROUPE ATLANTIC | ACV | BELGIUM | Boilers & Thermal Solutions |
| 09/2013 | GROUPE ATLANTIC | AUSTRIA EMAIL | AUSTRIA | Boilers & Thermal Solutions |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 1b - 3b EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: groupe atlantic
Acquirer: paloma rheem