PHI Industrial reinforces its subsidiary Hitecsa
PHI industrial Acquisitions, based in Madrid and specialized in the acquisition of distressed companies, has decided to reinforce its affiliate company Hitecsa through an important acquisition in France: Wesper.
PHI started its activities in 2006 and since then has carried out many acquisitions of companies in special situations, with the objective of improving their results through an efficient management and constant support.
This transaction means a new international acquisition for PHI, which was executed through Hitecsa. Wesper, is a prestigious French brand of air conditioning systems, who was acquired by PHI along with its production centre in Pons, France. In total, PHI has been able to save one hundred employments due to this transaction.
Wesper, who was involved in insolvency proceedings, is a company that complements Hitecsa. Its portfolio of products, its leadership in the French market, and its international network were key factors for the interest of PHI.
With this transaction, Hitecsa is committed to reinforcing its product portfolio and to enter new markets in order to consolidate its relationships with installers, engineering firms and clients, both in the French market (where it has presence since 2012) as well as in other international markets. PHI and Hitecsa have carried out significant efforts in innovation and product development areas, which will also be applied to Wesper products.
The transaction has been supported by the French Agency for International Investment, either from its Headquarters in Paris and from its premises in Madrid, where they have held direct contact and given support to the company.
Géraldine Filippi, Director of the French Agency for International Investment, is pleased with PHI decision and its important investment carried out in France, as well as the maintenance of employments in the region of Poitou Charentes.
Furthermore, the French ambassador in Spain, Jerôme Bonnafont, states that this kind of acquisitions along with the maintenance of employment in France by Spanish investors are a clear example of the attractiveness of the French market, and the potential of its industrial sector.
Moreover, PHI (also through its affiliate company Hitecsa) acquired in the same day two Business Units belonging to Adisa, a Group located in Barcelona and dedicated to the production of heating systems. By this transaction PHI will save 31 employments in Spain, and will control a company with more than 50 years of experience in the sector, that will help to strengthen its position in Europe.
