Viessmann Generations Group acquires GRITEC to accelerate the energy transition in Germany and across Europe
The acquisition enables the renewal and expansion of a green energy infrastructure in Europe, in line with Viessmann’s purpose of co-creating living spaces for generations to come.
October 30, 2024 – The Viessmann Generations Group ("Viessmann"), a purpose-driven family company with a heritage of 107 years, has acquired GRITEC TopCo GmbH ("GRITEC"). GRITEC is Germany’s largest solution provider of turnkey technical buildings and stations for energy-, water- & industrial infrastructure. The company specializes in intelligent infrastructure and key components in the shift towards a decentralized and renewable-based energy grid. With the acquisition, Viessmann is adding a new platform to its majority portfolio and thereby taking another decisive step forward in driving the energy transition in Europe. GRITEC has been a portfolio company of the private equity firm capiton AG since 2022.
As a driving player in grid infrastructure, GRITEC is set to play a key role for the green energy transformation in Europe. The company offers comprehensive solutions for the development, manufacturing, and provision of ready-to-connect, critical infrastructure, in the form of technical buildings, substations and the corresponding services for the supply grid, e-mobility, telecommunication, railway systems and industrial applications. These components are essential for a large-scale and stable energy supply. This is especially relevant with regards to the challenges of an increasingly decentralized grid infrastructure due to the transition to renewable energies.
To achieve climate neutrality by 2045, the share of renewable energy in Germany must nearly double by 2030, requiring a tripling of the expansion pace (1). GRITEC, as an intelligent all-in-one solutions provider, is well-positioned to deliver the required transformer stations and technical buildings and integrate them into the energy grid.
Max Viessmann, CEO of Viessmann Generations Group: “GRITEC plays a pivotal role in building a comprehensive, smart and sustainable energy infrastructure and we are committed to helping them reach their full potential. To achieve the important European climate goals, we support innovative companies that develop scalable solutions to mitigate and reduce CO2 emissions. Together with GRITEC and our ecosystem of mid-sized market leaders, we are taking responsibility to co-create living spaces for generations to come."
Volker Ernst & Thomas Sachers, CEOs of GRITEC Group: “We are delighted to have in Viessmann a renowned and successful majority shareholder at our side who will provide us with optimal support in achieving our next strategic and long-term goals. The fact that our corporate cultures and missions are an excellent fit gives us great confidence in our future path of making an important contribution to a sustainable future with our solutions.”
Thomas Brake, Director at capiton AG: “Together, we have been able to develop GRITEC into a market leader in the field of energy infrastructure over the past years and establish a solid foundation for future growth. We would like to thank the Co-CEOs Volker Ernst, Thomas Sachers, as well as the entire GRITEC team for this fantastic partnership and their exceptional commitment." Christoph Spors, Partner at capiton AG, adds: “With Viessmann, we are delighted to have found the perfect partner for GRITEC to continue this successful growth trajectory. We wish GRITEC, its management team and employees all the best for this next chapter under new ownership.”
The acquisition of GRITEC is a strategic and coherent step for Viessmann, building on the company’s extensive expertise in energy and infrastructure and marking a new milestone in its commitment to a sustainable future.
GRITEC employs 1,300 people across six locations in Germany and the Czech Republic.
In line with Viessmann’s purpose of co-creating living spaces for generations to come, the family company supports industries that have a positive impact through strategic acquisitions, co-investments, and minority stakes. Key areas of focus include CO2 avoidance, reduction and capturing as well as securing air, water and food quality.
About the Transaction
The transaction is subject to the approval by the competent merger control authorities.
About Viessmann Generations Group
Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the company’s purpose "We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide Viessmann family brings to life every day. Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2 avoidance, CO2 reduction and CO2 capturing.
About GRITEC Group
As a leading European full-service provider for system-relevant infrastructure solutions, GRITEC has been securing the supply for many areas of infrastructure - such as electricity, gas, water, renewable energies, digitalization, e-mobility and industry - for over 60 years, making the company a driver and enabler of the energy and mobility transition.
About capiton AG
capiton (www.capiton.com) is an independent private equity fund manager that advises funds of EUR 1.6 billion. Founded in 1984 as the investment operation of a large insurance group, capiton became an independent partnership in 2004. capiton currently invests out of the most recent fund capiton VI. Investors of the capiton investment programs are renowned national and international institutional investors.
(1) Source: Bundesregierung.de: “Anteil der erneuerbaren Energien steigt”; accessed 22.10.2024
Press Contact
Byung-Hun Park
Vice President Corporate Communications
E: huni@viessmann.com
M: +49151-64911317
