DC Advisory advises Paloma Rheem Holdings on the acquisition of a majority stake in GROUPE ATLANTIC
Background
- Paloma Rheem Holdings (PRH) is one of the world’s leading air and water companies, operating in air conditioning and water heating. Since acquiring Rheem in 1988, PRH has expanded through multiple acquisitions, including General in August 2025 and Nortek Global HVAC in October 2024
- PRH operates in over 100 countries with 26,000 employees across 43 production sites and 25 R&D centres, generating c.€7.1bn revenue in FY25 (excluding General)
- GROUPE ATLANTIC is one of the European leaders in heating, ventilation and air conditioning (HVAC). GROUPE ATLANTIC has 12,000 employees across 31 industrial sites in four continents, with a portfolio of more than 15 renowned brands
- GROUPE ATLANTIC invests in eco-efficient solutions that reduce energy consumption and increase the share of renewable energy
Process
- DC Advisory was engaged by PRH as exclusive financial advisor to provide buy-side advice to support the acquisition of a majority stake in GROUPE ATLANTIC
- Leveraging its strong HVAC sector expertise, relationships and insights into the European industry, DC Advisory provided strategic and valuation advice to PRH, with hands-on support across process strategy, negotiations and transaction documentation
Outcome
- On 21 May 2026, PRH completed the acquisition of a majority stake in GROUPE ATLANTIC
- Financial terms of the transaction were not disclosed
- The transaction will aim to enable PRH to leverage GROUPE ATLANTIC’s strong business foundation in the European market, strengthen its position as a global leader in air and water, and establish a leading footprint across North America, Asia and Europe
- GROUPE ATLANTIC will operate as an independent subsidiary within PRH, with the current management team in place and some long‑standing family shareholders retained as minority investors
- This transaction showcases DC Advisory’s expertise within the global HVAC space, and adds to its strong track record advising on cross-border transactions
“We are incredibly proud to have advised Paloma Rheem on this landmark acquisition of GROUPE ATLANTIC. Supporting a client on a transaction that not only accelerates its global growth ambitions, but also represents a defining moment in its international evolution, is a tremendous privilege for our team.”
“We are delighted to have advised Paloma Rheem on this transaction, which marks another milestone in the development of the global HVAC industry. With the growing need for low-carbon solutions and the accelerating adoption of heat pumps, this alliance between Paloma, Rheem, General, and GROUPE ATLANTIC brings together organizations with strong geographic, technological, industrial complementarities as well as shared values”
- Industrials
- M&A Advisory
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