Ariston completes the acquisition of Riello: transaction worth 370 million
Ariston completes the acquisition of Riello: transaction worth 370 million
- Information
Closing of the acquisition of Riello for 100% by Ariston Group, listed on Euronext Milan since November 2021.
The transaction, announced on 14 December 2025, is concluded with consideration of EUR 370 million.
Ariston: +320 million net financial position
The figure includes the usual adjustments relating to the net financial position and net working capital.
The expected impact on Ariston’s NFP is EUR 320 million, taking into account Riello’s same indicator at the time of closing.
The transaction is based on an enterprise value of EUR 289 million, in line with what was previously announced.
The transaction – carried out on the basis of a multiple equal to five times adjusted EBITDA, including the benefits of synergies – was entirely financed with the acquiring party’s available resources, therefore without resorting to credit.
The figures involved and the synergies
Riello Group generated approximately EUR 400 million in revenue in 2025, an adjusted gross margin of EUR 35 million and adjusted net operating margin of around EUR 18 million.
In 2025 Ariston Group recorded revenue of EUR 2,7 billion, with approximately 11.000 employees, a direct presence in 41 countries, 32 production sites and 31 research and development centres.
The transaction is expected to make a positive contribution to adjusted earnings per share from the second year after closing, with an estimated double-digit percentage increase already in 2026, once the synergies, valued at EUR 25 million annually from 2030, have been taken into account.
The combination offers multiple clear opportunities for future value creation, driven by the strong complementarity between the two companies: highly efficient solutions, procurement optimisation, greater efficiency through economies of scale, expansion of Ariston’s offering...
The segments concerned are climate comfort, combustion technologies, and supply to the residential, industrial and commercial segments in certain key markets, including some European countries and North America.
The integration process has already begun, retaining and enhancing the people (1.150 Riello Group employees) and the two brands, Riello and Beretta.
ARISTON GROUP: 2025 AND 2024 COMPARED
This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.
