Groupe Atlantic sold a majority stake to Paloma Rheem Holdings

Groupe Atlantic

Founded in 1968, Groupe Atlantic, a privately held, family-owned business headquartered in France, is one of the European leaders in the HVAC-R (heating, ventilation, air conditioning and refrigeration) sector with c. €3 billion in net revenue. Employing 12,000 people, the company sells more than 15 brands of HVAC-R and water heating products on four continents with a strong presence in France and the United Kingdom.

The Deal

Paloma Rheem Holdings Co., Ltd. (PRH) and Groupe Atlantic announced the completion of PRH’s acquisition of a majority stake in Groupe Atlantic. This transaction unites two highly complementary companies—geographically, technologically and industrially—to create a global air & water market leader.

Amid ongoing global consolidation in the HVAC-R sector and increasing international competition, Lincoln International served as the sell-side advisor to the Radat family, one of the founders of Groupe Atlantic. The family shareholders sought the right industrial partner to ensure Groupe Atlantic’s future success through a transaction sustainably strengthening its competitiveness while also accelerating its innovation pace and its transition toward thermodynamic solutions. Having taken a leading role in the creation of this new global air & water leader, Lincoln’s founding family client will retain a significant minority stake in Groupe Atlantic. Groupe Atlantic will maintain its headquarters in France and will continue to operate as an independent company within the Paloma Rheem group, while Groupe Atlantic’s current management team will remain in place to implement their strategic and operational plan.

In a challenging market environment, Lincoln worked with its client to craft a flexible and highly customized process, leveraging its global HVAC-R industry connections and successfully navigating complex relationships between all stakeholders.

Our Perspective

Guillaume Suizdak, Lincoln International Managing Director who led the transaction, commented, “This transaction further demonstrates Lincoln International’s leading capability to successfully advise private shareholders in complex cross-border transactions, creating global industry leaders by leveraging Lincoln’s leading HVAC-R sector expertise.”

Paloma-Rheem

Paloma Rheem Holdings is one of the world’s leading air and water companies. The group is comprised of Paloma and Fujitsu General (General) in Japan and Rheem in the United States and is primarily engaged in the manufacturing and sales of air conditioning, water heating, heating and kitchen equipment. For the fiscal year ending December 2025, Paloma Rheem Holdings sales were approximately €6.4 billion, and operating profit was around €680 million.

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