Fredericks Michael is pleased to announce CAREL Industries’ acquisition of SENVA Inc., Beaverton, Oregon, a company that designs and manufactures sensors used predominantly in air-conditioning, ventilation, and indoor air quality equipment and systems.
Fredericks Michael initiated this transaction having advised CAREL on a multi-stage engagement process which included a comprehensive search and screen of companies in the North American HVAC and refrigeration (“HVAC/R”) components sector.
Fredericks Michael identified SENVA as an optimal target, established a relationship with ownership and facilitated a one-to-one dialogue between CAREL and SENVA. Fredericks Michael subsequently assisted Carel in the negotiation of the price and terms of the transaction as well as in the coordination of due diligence and in the drafting and negotiation of the definitive agreements.
Francesco Nalini, CEO of the CAREL Industries S.p.A., commented: “Fredericks Michael played an important role in identifying and initiating our dialogue with Kent Holce and Andre Perra, owners of Senva, and then successfully guided us from beginning to end on this important first acquisition in the United States."
About Carel Industries S.p.A.
Founded in 1973 with corporate offices in Padova, Italy, CAREL is a US$ 500 million in revenue, vertically integrated designer, producer and marketer of hardware, software and algorithm solutions aimed at both improving the performance of the units and systems they are intended for and for energy saving, with a globally-recognized brand in the HVAC/R markets in which it operates. The Group operates
through 31 subsidiaries including 13 production plants located in various countries. CAREL, listed on the Italian Stock Exchange since 2018, currently employs over 1,900 people. Upon entering the binding agreement to acquire SENVA on September 9th, 2022, CAREL had a market capitalization of USS 2.1 billion. For more information, visit www.carel.com
About SENVA, Inc.
SENVA, founded in 2007 and based in Beaverton, Oregon, United States, specializes in the design and production of a wide range of sensors, chiefly in the air-conditioning, ventilation, and indoor air quality sectors. engineering staff, with expertise in mechanical and electronic devices and in software and automation, is highly versatile, allowing it to design a wide range of innovative products including current, pressure (wet and dry), gas leakage and humidity sensors. The company has a production facility of about 2,500 square meters and is in the process of expanding to a new 3,250 square meter facility which includes a new research laboratory. The employee force at the end of 2021 was approximately 65. For more information, visit www.senvainc.com