OpenGate Capital to Acquire AICO S.p.A. as an Accretive Add-on to Jøtul Group

OpenGate Capital, a global private equity firm, announced today that it has signed an agreement to acquire AICO S.p.A. (AICO), an Italian manufacturer of residential stoves, fireplaces, boilers and cookers from Ambienta SGR, a European private equity group. Closing is expected by the middle of November, 2018. Terms of the transaction were not disclosed.

AICO offers a wide range of premium home heating products that are energy efficient and utilize pellets, a renewable energy source. The business features two well-established brands, Ravelli and Elledi, and they are exported to more than 40 countries. Headquartered in Palazzolo sullOglio, Italy, AICOs 150 employees oversee the design, manufacturing and in-house testing to ensure all products comply with European quality, safety and environmental compliance standards.

Upon completion of the transaction, AICO will be a synergistic add-on to J¸tul Group (J¸tul), a business acquired by OpenGate in March of 2018. J¸tul is a Norwegian manufacturer of home heating products, primarily inserts, fireplaces and wood stoves, with four brands that are distributed across 45 countries, including Europe, North America and Asia. AICO will enhance the J¸tul product portfolio with pellet technology products, a growing market for consumers demanding an alternative to wood-based home heating products.

Fabien Marcantetti, Managing Director at OpenGate Capital, led the transaction from the firms Paris office and stated, A key aspect in OpenGates acquisition of J¸tul is to identify both organic and inorganic opportunities for growth. Through AICO, we will immediately enhance J¸tul and create synergies, enrich the product portfolio and expand into new markets. From an OpenGate perspective, this acquisition will mark an important step toward achieving our full potential plan for J¸tul.


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We have been working closely with OpenGates team of professionals on the AICO transaction, and we are happy with this add-on to our existing business. Upon completion of this investment, AICOs products will expand the J¸tul portfolio, and enable the business to be a more complete supplier to the many exclusive and multi-brand specialty dealers. This is especially important in the Latin European Market, where use of pellets technology for heating is growing. This transaction will create synergies and give AICO the possibility to expand into new markets, said J¸tul CEO, Nils Agnar Brunborg.

J¸tul was the eighth acquisition through OpenGate Capitals first institutional fund, following the firms previous acquisitions of Power Partners, Energi Fenestration Solutions, Bois & Matriaux, Alfatherm, EverZinc, Hufcor and Mersive Technologies.

About OpenGate Capital

OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGates professionals possess the critical skills needed to acquire, transition, operate, build and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions, including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit

About J¸tul

J¸tul is one of the worlds oldest producers of stoves, inserts and fireplaces. Building on a proud Norwegian heritage, J¸tul combines fine craftsmanship with the art of coping with the cold for 160 years. J¸tul is headquartered in Fredrikstad, Norway and features four prominent brands J¸tul, Scan, Ild and Atra, and proudly sells to 45 countries around the world. To learn more about J¸tul, please visit:

OpenGate Media Contacts
Alanna Chaffin
Email: [email protected]
+1 (310) 432-7000
Sitrick & Company
Mike Sitrick
[email protected]
+1 (310) 788-2850
OpenGate Business Development Contact
Email: [email protected]
+1 (310) 432-7000
Jøtul Media Contact
Agnar Brunborg
Email: [email protected]
+47 (90) 60 55 78