SYCLEF Group entered into an agreement to acquire GEA Refrigeration France SAS from GEA Group Aktiengesellschaft (XTRA:G1A) on September 21, 2021. Following the transaction, GEA Refrigeration France will continue to maintain a partnership with GEA Refrigeration Technologies, particularly for the supply of components. GEA Refrigeration France SAS generated revenues of about €75 million in 2020.

All GEA Refrigeration France employees are expected to join SYCLEF Group. The transaction remains subject to the information and consultation process with the relevant employee representative bodies, in accordance with applicable laws, as well as the approval of the antitrust authorities. A potential closing is not expected before Q1 2022.

Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as financial advisor to GEA Group Aktiengesellschaft. Christophe H. Garaud of Willkie Farr & Gallagher LLP acted as legal advisor, Olivier Boumendil, Benjamin Patte, Laura Mahdavian and Quentin Deliry of KPMG acted as financial due diligence advisors, Damien Allo, Antoine Viry, Paul Mas and Louis-Arthur Pelé of KPMG acted as carve out due diligence advisors, Josselin du Plessis, Hugo Carreira, and Adrien Noireau of KPMG acted as IT due diligence advisors. Julien Berger, Matthias Burn, Yannick Hamida and Nicholas Hamann of Indefi acted as commercial due diligence advisors and Deborah Hauchemaille of Finaxy acted as insurance due diligence advisor in transaction.