Sector note · Climate control
Heating, ventilation and heat pumps
European climate groups buy into Turkish ventilation and air conditioning makers in steps: a first stake, then the rest once the business has proved itself.
Stakes over time
- 1Systemair HSK Systemair · first stake in 2012, 100% in January 2025
- 2Üntes Nibe · 50% in November 2019, 83% at the end of 2025
- 3Eneko Groupe Atlantic · 50%, October 2024
- 01
Turkey’s climate-control industry exported USD 7.39bn in 2025, up 3.5%; EU countries took 45.4%, and Germany was the largest single market at about USD 773m.
- 02
Systemair first bought into Systemair HSK Türkiye in 2012 and took the last 10% from the founding Eroğlu family in January 2025; the business had sales of about EUR 55m.
- 03
Nibe agreed in 2019 to buy 50% of the Üntes group of Ankara, with the rest to follow by 2024; its annual reports show two Üntes companies fully owned in 2024 and 83% of the main company at the end of 2025.
- 04
Groupe Atlantic bought 50% of Eneko Havalandırma, an Izmir maker of high-efficiency ventilation and heat-recovery units, closing in October 2024 after Competition Board approval; more than 70% of Eneko’s sales are in Europe.
Orion view
A European climate group buys a Turkish factory that already sells to Europe, and it often buys half first. The second step is where value is won or lost: agree before the first signing how the price of the remaining shares will be set, who runs the business in between, and what happens if targets are missed. Show the export book in the buyer’s terms: sales by country, the certificates each market requires, and margins on European orders.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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