06.02.2019

Investment in specialist for heat distribution: With assistance from Schalast, Viessmann acquires stake in Pewo

The Viessmann Group is investing in Pewo Energietechnik GmbH. The leading international manufacturer of energy systems is acquiring a stake in the owner-managed specialist for heat distribution systems as part of a strategic partnership. Schalast once again acted on behalf of Viessmann.

Intelligent heat distribution in remote and local heating networks, such as in urban residential districts, plays an essential role in the success of the energy transition. According to Max Viessmann, CEO of the Viessmann Group, the objective is to develop energy-efficient solutions for globally increasing urbanisation in order to clearly reduce the CO2 emissions generated by heat production. "Together with Pewo, we can make a strong contribution here and will significantly expand our strong commitment in this area. By acquiring a stake in the company, with which we already have a long and proven history of collaboration, we are underlining the core of our mission statement: We create living spaces for future generations."

"Viessmann's strategic investment in our company provides us with a family-managed, globally-positioned innovation leader in the area of heating and refrigeration as a partner. Together, we can offer integrated system solutions for heat generation and distribution from a single source. We are therefore in an ideal position to better address the issues of urbanisation and climate change with innovative technology from our core market Germany at an international level as well," emphasises Robin Petrick, Managing Director of Pewo.

The owner-managed industrial company Pewo Energietechnik GmbH is headquartered in Elsterheide in Saxony. Pewo develops and manufactures heat distribution systems for apartments, residential buildings, residential districts, cities, hotels, hospitals, swimming pools and industry across Europe. The systems range from drinking water heaters to comprehensive network control technology or special systems with several megawatts of output for supplying heat to entire districts. Pewo integrates district heating, solar thermal energy, geothermal energy, natural gas and even heat recovery from waste water into its systems.

More than 18,000 individual customer systems are developed and produced each year by a current staff of 365 employees. Cost advantages for the customer result from the Pewo modular system, which allows individually tailored, integrated products and systems to be configured. With a high level of vertical production integration, Pewo can draw on its own expertise in the areas of hydraulics, control technology, electronics and software development. Pewo sells its systems under its own name and also supplies complete white-label systems to other reputable manufacturers Pewo's factory customer services is present in Germany, Austria and Switzerland with eight branches and offices, as well as a close-knit network of regionally-based technicians.

The Viessmann Group is one of the leading international providers of heating, industrial and refrigeration systems. The family enterprise was founded in 1917, has 12,100 employees, and groups turnover in 2017 was € 2.37 billion.

With 23 production companies in 12 countries, distribution companies and representative offices in 74 countries and 120 sales offices worldwide, Viessmann has a truly international structure. 55 per cent of turnover is generated abroad.

Viessmann has once again relied on Schalast in connection with this transaction. Schalast's team advised Viessmann on this transaction, as in connection with the acquisition of a stake in the Salzburg-based group ETHERMA Gruppe last year, as well as in connection with the purchase of Tschritter.

Advisors to Viessmann

In-house: Jan Christoph Clausen