A leading manufacturer of commercial and industrial coolers, primarily for the industrial cooling and industrial refrigeration markets, AL Air had sales of €108.1m in 2018.

The aquisition of the business, which is headquartered in Alonte, Vicenza, includes the premises in Italy, Finland and India, with a commercial organisation throughout the world, and recognised brand names such as Fincoil and Helpman.

The acquisition also includes also the transfer of more than 400 employees, mainly based at the production sites.

Lu-Ve president Iginio Liberali said: “This acquisition is the largest ever concluded by Lu-Ve Group. Thanks to it, the Group is now amongst the three largest global operators in the sector and the second in Europe.

“The acquisition is part of our strategic design of growth and qualification. This acquisition also has the sense of maintaining in Italy the research and manufacturing of the most advanced products, in terms of the application of ‘green’ refrigerants, energy savings and respect for the environment.”