DC Advisory advises IGI Private Equity on the sale of ThermoKey to Vertiv

Background

• Founded in 1991 and headquartered in Rivarotta di Rivignano, UD, Italy, ThermoKey is a leading European provider of high-efficiency heat exchange solutions for industrial refrigeration, HVAC, energy, and data center cooling applications
• ThermoKey specializes in the design and manufacture of both traditional round-tube and next-generation microchannel heat exchangers, offering customized, energy-efficient systems to OEMs and end users
• The company’s product offering includes dry coolers, unit coolers, remote air-cooled condensers, radiators and coils, and custom cooling systems. Its main end markets are refrigeration, air conditioning, energy & process cooling, and OEMs
• In 2024, ThermoKey was acquired by IGI Private Equity
• Vertiv is a US-headquartered global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments
• Vertiv is listed on the New York Stock Exchange, with a market capitalization of approximately $130bn as of June 3, 2026, and has recently been included in the S&P 500 index

Process

• DC Advisory was engaged as exclusive financial advisor to IGI Private Equity to provide sell-side M&A advice
• By leveraging its knowledge in the Industrials sector, and in the HVAC-R sub-sector, DC Advisory provided comprehensive advice throughout the sale process, including business plan preparation, due diligence coordination, support in negotiations, and advice on transaction documentation
• After a highly tailored and restricted competitive process, Vertiv emerged as the preferred bidder and partner for ThermoKey

Outcome

• The transaction closed in June 2026
• This transaction demonstrates DC Advisory’s deep expertise in the Industrials sector and further strengthens the firm’s track record advising on cross-border transactions