Poland-based Elektrotermex (ETX) and global climate solutions provider Viessmann announced the acquisition of a majority stake in ETX by Viessmann and a strategic partnership to manufacture and sell district heating solutions in Poland. Translink’s partner in Poland, Holon acted as transaction advisor to the owners of ETX.

The aim of the cooperation of both parties is to further strengthen ETX’s market position in Poland and become a leading supplier of heat transfer stations for single- and multi-family houses as well as commercial applications in district heating networks.

For Viessmann, which is headquartered in Germany, the partnership will result in better market access in Poland, especially for the district heating network sector. “We are very pleased to have found a well-positioned partner in ETX, which already has strong market access in the fast-growing field of local and district heating in Poland,” said Timo Tauber, Managing Director at Viessmann Investment, motivating the decision.

Janusz Mielnicki, CEO of the family owned ETX company said, “We are very happy about our strategic partnership with one of the world’s largest manufacturers of climate solutions. “With the power of Viessmann behind us, we can grow even faster in the domestic market and have the opportunity to serve a larger part of the Polish market in the future.” – Janusz Mielnicki, CEO of ETX.

Both sides have agreed not to disclose the value of the transaction.

The transaction advisor for the selling party was Holon, a member of the global advisory network Translink Corporate Finance. Comprehensive legal advice to the sellers was provided by SSW Pragmatic Solutions. Viessmann’s legal advisor was the Rödl Group.