Paloma Rheem Holdings Co., Ltd. has completed its acquisition of a majority stake in Groupe Atlantic, a France-based HVAC and water heating company. The transaction strengthens PRH’s presence in Europe alongside its existing footprint in North America and Asia.
Groupe Atlantic, founded in 1968, is a privately held, family-owned business headquartered in France. The company employs more than 12,000 people and sells more than 15 brands of HVAC and water heating products on four continents, with a strong presence in France and the United Kingdom.
The companies have had a long-standing relationship. Groupe Atlantic has served as the distributor of air conditioning equipment in France for General, a PRH subsidiary, and the partnership has continued for more than 30 years.
Groupe Atlantic will keep its headquarters in France and operate as an independent subsidiary within PRH. Some long-standing family shareholders will retain minority stakes, and the current management team will remain in place to continue its strategic and operational plan.
“We are delighted to welcome Groupe Atlantic to the PRH group. A recognized leader in European air conditioning and water heating, they bring expertise and market presence that strengthen our collective capabilities. With Groupe Atlantic joining us — following the addition of General — we now have the foundation to bring innovative products, developed across each of our companies, to customers around the world. Drawing on our combined strength across both air conditioning and water heating, we will continue to drive the integration of air and water technologies and pursue sustained growth through innovation,” said Hiroaki Kobayashi, President and Representative Director of PRH.
