Ariston Thermo, one of the world leading companies in heating and water heating, acquired ATAG heating, a major player in the Benelux heating market, from Nordian Capital Partners and management. Founded in 1948, ATAG is based in the Netherlands (Lichtenvoorde), employing 170 people with a production plant devoted both to residential and commercial products. In 2013 ATAG generated net revenues of around € 53 million, with an EBITDA of € 8,4 million. The company serves most of the European countries, being a major player in the Benelux heating market with distinctive positioning, thanks to a well-known brand and a consistent product range focused on the high-end market. ATAG is strongly focused on innovation with highly specialized R&D team and a product offer characterized by advanced technology and high efficiency standards. Nordian Capital Partners has been a shareholder in ATAG since 2010. During the investment period of Nordian Capital Partners, ATAG has increased its sales outside its home market to 50% of total turnover. "Through this acquisition we continue to pursue our development strategy based on internal and external growth both in mature markets and in fast-developing countries" commented Paolo Merloni, Executive Chairman of Ariston Thermo. "ATAG will bring relevant benefits to our Group: a solid condensing technology platform anchored on high efficiency, low emissions and cost competitiveness, a well-renowned brand with high-end positioning, a strong presence in selected markets and, most importantly, a solid, well-motivated and entrepreneurial management team”.