FRANCE: Paloma Rheem Holdings, the company behind the recent acquisition of Fujitsu’s air conditioning business, is now set to acquire a majority stake in French HVAC company Groupe Atlantic.
Groupe Atlantic, parent company of more than 15 well-established brands in the HVAC sector, has partnered with Fujitsu General for over 30 years, serving as General’s distributor for air conditioning equipment in France and Benelux. In 2022, the two companies also established a joint-venture to locally manufacture air-to-water systems.
Groupe Atlantic will maintain its headquarters in France and will continue to operate as an independent company within the Paloma Rheem group. Some of Groupe Atlantic’s long-standing family shareholders will retain minority stakes, and the current management team remains in place to continue implementing their strategic and operational plan.
Groupe Atlantic boasts nearly €3bn in net revenue. It has 31 industrial sites, a commercial presence across four continents and 12,000 employees.
Paloma Rheem Holdings is comprised of Paloma and 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.
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