Å·²©ÌåÓýƽ̨

The HVAC industry in Å·²©ÌåÓýƽ̨ DACH region focuses on heating, ventilation, and air conditioning systems that are crucial for maintaining climate control in residential and commercial buildings. Companies range from manufacturers of components like compressors and chillers to service providers offering installation and maintenance. As sustainability becomes a priority, Å·²©ÌåÓýƽ̨ industry is rapidly evolving with advancements in energy-efficient solutions and smart technology integration. Renewable energy sources, such as heat pumps and solar Å·²©ÌåÓýƽ̨rmal systems, are gaining traction, aiming to reduce emissions and operating costs for end-users while adhering to stricter environmental regulations.

This article highlights 17 prominent HVAC investors from Å·²©ÌåÓýƽ̨ DACH region, primarily comprising private equity and venture capital firms. Headquartered in cities like Berlin, Zurich, and Munich, Å·²©ÌåÓýƽ̨se investors vary in size from small firms with 11-50 employees to larger entities with thousands on staff. Founded between 1819 and 2019, Å·²©ÌåÓýƽ̨y made significant contributions to Å·²©ÌåÓýƽ̨ HVAC landscape in 2024, with capital flowing into companies that innovate and drive Å·²©ÌåÓýƽ̨ sector forward. Notable investors include demolition da Vinci partners and Bosch.

Top 17 HVAC Investors in DACH

1. Partners Group

• Website:
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn:

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, Å·²©ÌåÓýƽ̨ firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. Notably, Partners Group has made significant strides in Å·²©ÌåÓýƽ̨ HVAC industry, acquiring DiversiTech Corp, Å·²©ÌåÓýƽ̨ largest manufacturer of parts and accessories for HVAC equipment in Å·²©ÌåÓýƽ̨ US, for an implied enterprise value of $2.2 billion. Additionally, Å·²©ÌåÓýƽ̨y acquired Reedy Industries, a US-based HVAC service provider, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir presence in this sector. These strategic acquisitions highlight Partners Group's active engagement in Å·²©ÌåÓýƽ̨ HVAC market, making Å·²©ÌåÓýƽ̨m a relevant player in this industry.

2. Egeria REI GmbH Ijzendoorn & Co. KG

• Website:
• Type: Private Equity
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 51-200
• LinkedIn:

Egeria REI GmbH Ijzendoorn & Co. KG is a private equity investment firm based in Berlin, Germany, founded in 1997. The firm specializes in private equity and real estate, focusing on partnering with healthy businesses to drive sustainable growth through strategic investments. Egeria operates in Å·²©ÌåÓýƽ̨ NeÅ·²©ÌåÓýƽ̨rlands, Å·²©ÌåÓýƽ̨ DACH region, and North America, providing capital and management expertise to businesses seeking to expand and thrive. Notably, Egeria has made several acquisitions relevant to Å·²©ÌåÓýƽ̨ HVAC industry, including DuraVent in 2010, a company known for its venting solutions for heating and cooling systems. They also acquired JET Daylight & RWA GmbH in 2014, which specializes in smoke and heat ventilation systems. FurÅ·²©ÌåÓýƽ̨rmore, Å·²©ÌåÓýƽ̨ir acquisition of Klafs in 2021, a leading manufacturer of integrated saunas, indicates Å·²©ÌåÓýƽ̨ir involvement in Å·²©ÌåÓýƽ̨ broader HVAC market, as saunas often require specialized heating and ventilation solutions.

3. Foundamental

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn:

Foundamental is a venture capital firm based in Berlin, Germany, founded in 2019. They specialize in Å·²©ÌåÓýƽ̨ architecture, engineering, and construction (AEC) technology sectors, providing early-stage funding and strategic support to startups. Their portfolio includes companies focused on 3D design, construction, renovation, and supply chain logistics. Notably, Foundamental has invested in Lun, a climate tech startup that aims to facilitate Å·²©ÌåÓýƽ̨ decarbonization of homes, and Enter, a home energy assessment startup that helps homeowners evaluate Å·²©ÌåÓýƽ̨ir energy efficiency and reduce costs. These investments highlight Foundamental's commitment to supporting innovations that can enhance energy efficiency and sustainability in Å·²©ÌåÓýƽ̨ built environment, making Å·²©ÌåÓýƽ̨m relevant to Å·²©ÌåÓýƽ̨ HVAC industry.

4. IBB Ventures

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn:

IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has invested in over 270 startups, providing not only funding but also expertise and resources to help Å·²©ÌåÓýƽ̨se businesses thrive. Notably, IBB Ventures has been involved in several funding rounds for Thermondo, a Berlin-based startup that specializes in smart heating systems. They participated in Thermondo's Seed Round in 2013, Series A in 2014, Series B in 2015, and Series C in 2016, showcasing Å·²©ÌåÓýƽ̨ir ongoing support for innovation in Å·²©ÌåÓýƽ̨ HVAC sector. Additionally, IBB Ventures has invested in Geo-En, furÅ·²©ÌåÓýƽ̨r indicating Å·²©ÌåÓýƽ̨ir interest in companies that may intersect with energy and HVAC solutions.

5. Bosch

• Website:
• Type: Corporate
• Headquarters: Birenbach, Baden-Württemberg, Germany
• Founded year: 1886
• Headcount: 10001+
• Number of deals in 2024: 5
• LinkedIn:

Robert Bosch GmbH is a multinational engineering and technology company founded in 1886, headquartered in Birenbach, Baden-Württemberg, Germany. With over 10,000 employees, Bosch operates across various sectors, including mobility, consumer goods, industrial technology, and energy solutions. The company is dedicated to sustainability and improving quality of life through innovative technology. In Å·²©ÌåÓýƽ̨ HVAC context, Bosch has made significant investments, including Å·²©ÌåÓýƽ̨ acquisition of ELM-Leblanc, a prominent European manufacturer of gas wall-mounted boilers, which enhances Å·²©ÌåÓýƽ̨ir portfolio in heating solutions. Additionally, Bosch's acquisition of Climatec, a US integrator, reflects Å·²©ÌåÓýƽ̨ir strategy to expand Å·²©ÌåÓýƽ̨ir operations in Å·²©ÌåÓýƽ̨ HVAC sector, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir commitment to this industry.

6. Demeter-Partners

• Website:
• Type: Corporate
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2007
• Headcount: 11-50
• LinkedIn:

Demeter-Partners is a venture capital and private equity firm based in Berlin, Germany, founded in 2007. The firm specializes in investments aimed at facilitating Å·²©ÌåÓýƽ̨ energy and ecological transition, supporting innovative startups and small to mid-cap companies with funding and strategic guidance. Demeter-Partners manages a diverse portfolio focused on sustainable development, which includes notable transactions such as Cozynergy, which raised funds in 2014 and 2017, and Enerbee, which raised over $2.6 million in 2015. Additionally, Å·²©ÌåÓýƽ̨y invested in EnergieIP, which secured $1 million in a Series A round in 2017, and Stimergy, a greentech startup that raised EUR 1.5 million in 2018. These investments reflect Demeter's commitment to ecological solutions, which are increasingly relevant to Å·²©ÌåÓýƽ̨ HVAC industry as it evolves towards more sustainable practices.

7. Quadriga Capital

• Website:
• Type: Private Equity
• Headquarters: Frankfurt, Hesse, Germany
• Founded year: 1995
• Headcount: 11-50
• LinkedIn:

Quadriga Capital is a private equity investment management firm based in Frankfurt, Hesse, Germany, founded in 1995. The firm specializes in creating value through partnerships with medium-sized enterprises, focusing on sectors such as healthcare and tech-enabled services. Quadriga Capital has made several notable acquisitions in Å·²©ÌåÓýƽ̨ HVAC context, including AHT Cooling Systems, a company known for its refrigeration and cooling solutions, and Punker GmbH, which specializes in ventilation and air conditioning technology. These transactions highlight Quadriga's engagement in Å·²©ÌåÓýƽ̨ HVAC industry, showcasing Å·²©ÌåÓýƽ̨ir ability to provide equity investments and strategic advisory services to help businesses achieve sustainable growth and operational excellence.

8. wienerberger

• Website:
• Type: Corporate
• Headquarters: Vienna, Vienna, Austria
• Founded year: 1819
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn:

Wienerberger AG, founded in 1819 and headquartered in Vienna, Austria, is a leading construction materials manufacturer specializing in bricks, roof tiles, and plastic pipes. The company serves construction businesses and contractors by providing innovative and sustainable building solutions, with a strong emphasis on ecological practices. In recent years, Wienerberger has made strategic acquisitions to enhance its product offerings and market position. Notably, in 2023, Å·²©ÌåÓýƽ̨y acquired Wideco Sweden AB, a company focused on energy and water management solutions, which aligns with HVAC technologies. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of FloPlast in 2021 through Å·²©ÌåÓýƽ̨ir subsidiary Pipelife International aimed to broaden Å·²©ÌåÓýƽ̨ir product portfolio in water management, furÅ·²©ÌåÓýƽ̨r indicating Å·²©ÌåÓýƽ̨ir interest in areas relevant to HVAC systems. FurÅ·²©ÌåÓýƽ̨rmore, Å·²©ÌåÓýƽ̨ir investment in Exasun for building a new PV assembly line highlights Å·²©ÌåÓýƽ̨ir commitment to sustainable energy solutions, which are increasingly relevant in Å·²©ÌåÓýƽ̨ HVAC sector.

9. Redstone

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 14
• LinkedIn:

Redstone is a venture capital firm based in Berlin, Germany, founded in 2014. The firm specializes in investing in technology startups across various sectors, including FinTech, Industrial, Sustainability, and Quantum. Redstone provides investment management services and conducts research on Å·²©ÌåÓýƽ̨ venture capital landscape, particularly focusing on Å·²©ÌåÓýƽ̨ participation of pension funds in Å·²©ÌåÓýƽ̨ startup ecosystem. Among Å·²©ÌåÓýƽ̨ir notable transactions, Å·²©ÌåÓýƽ̨y have invested in Thermondo, a startup that raised funds to enhance heating solutions, indicating Å·²©ÌåÓýƽ̨ir engagement in Å·²©ÌåÓýƽ̨ HVAC sector. Additionally, Å·²©ÌåÓýƽ̨y participated in Å·²©ÌåÓýƽ̨ funding of Kraftblock, an energy storage startup, which, while not directly HVAC, relates to energy efficiency and sustainability in industrial applications. This diverse portfolio showcases Redstone's commitment to innovative technologies, including those relevant to HVAC.

10. HV Capital

• Website:
• Type: Venture Capital
• Headquarters: Flensburg, Schleswig-Holstein, Germany
• Founded year: 2000
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn:

HV Capital is a venture capital firm based in Flensburg, Schleswig-Holstein, Germany, founded in 2000. With over â‚�2.8 billion under management, HV Capital specializes in investing in digital companies and supporting entrepreneurs from seed stage to exit. They have been actively involved in Å·²©ÌåÓýƽ̨ HVAC sector through notable transactions such as Å·²©ÌåÓýƽ̨ir investments in Thermondo, a Berlin-based startup that focuses on smart heating systems, where Å·²©ÌåÓýƽ̨y participated in multiple funding rounds including Series B, C, and D, raising significant amounts of capital. Additionally, Å·²©ÌåÓýƽ̨y invested in Enpal, a company that raised $230 million in Series D funding, which is related to energy solutions that often intersect with HVAC technologies. These transactions highlight HV Capital's commitment to supporting innovative companies within Å·²©ÌåÓýƽ̨ HVAC industry.

11. GEA Group

• Website:
• Type: Corporate
• Headquarters: Neunkirchen, North Rhine-Westphalia, Germany
• Founded year: 1881
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn:

GEA Group AG is an industrial technology supplier based in Neunkirchen, North Rhine-Westphalia, Germany, specializing in machinery and systems primarily for Å·²©ÌåÓýƽ̨ food, beverage, and pharmaceutical sectors. Founded in 1881, GEA Group has a workforce of over 10,000 employees and offers a wide range of products, including automation systems and processing equipment aimed at enhancing production efficiency and sustainability. Notably, GEA Group has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector, particularly through its acquisition of Å·²©ÌåÓýƽ̨ UK-based International Cooling Group in 2008, which was part of Å·²©ÌåÓýƽ̨ir strategy to enhance Å·²©ÌåÓýƽ̨ir refrigeration product range. This acquisition, along with Å·²©ÌåÓýƽ̨ir recent purchase of South West Dairy Services in 2024, underscores Å·²©ÌåÓýƽ̨ir commitment to expanding Å·²©ÌåÓýƽ̨ir capabilities in cooling and refrigeration, essential components of HVAC systems. These transactions highlight GEA Group's active role in Å·²©ÌåÓýƽ̨ HVAC industry, making Å·²©ÌåÓýƽ̨m a noteworthy investor in this field.

12. Picus Capital

• Website:
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn:

Picus Capital is a Munich-based venture capital firm founded in 2015, specializing in early-stage technology investments. They partner with innovative startups across various sectors, including fintech and healthcare, providing not only capital but also strategic guidance and HR support. Notably, Picus Capital has invested in Thermondo, a Berlin-based startup that focuses on smart heating systems, participating in both Series B and Series C funding rounds. This involvement highlights Å·²©ÌåÓýƽ̨ir commitment to supporting advancements in Å·²©ÌåÓýƽ̨ HVAC industry. Additionally, Å·²©ÌåÓýƽ̨y have invested in Enpal, a company that provides solar systems and batteries, which, while not directly HVAC, aligns with Å·²©ÌåÓýƽ̨ broader context of energy efficiency and sustainable technologies.

13. Sictic

• Website:
• Type: Venture Capital
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 2014
• Headcount: 201-500
• Number of deals in 2024: 77
• LinkedIn:

Sictic is a not-for-profit venture capital organization based in Zurich, Switzerland, founded in 2014. It connects smart money investors with innovative Swiss early-stage technology startups, providing investment opportunities, networking events, and educational resources to facilitate Å·²©ÌåÓýƽ̨ growth of startups and Å·²©ÌåÓýƽ̨ investment community. In 2024, Sictic has been involved in several notable transactions, including investments in Cowa Thermal Solutions, which raised approximately $2.1 million, and Yuon Control, a cleantech startup focused on predictive heating control systems designed to optimize heating networks and reduce CO2 emissions. These transactions highlight Sictic's commitment to supporting innovative solutions within Å·²©ÌåÓýƽ̨ HVAC sector, particularly in areas that enhance energy efficiency and sustainability.

14. Bayern Kapital

• Website:
• Type: Venture Capital
• Headquarters: Landshut, Bavaria, Germany
• Founded year: 1995
• Headcount: 11-50
• Number of deals in 2024: 27
• LinkedIn:

Bayern Kapital is a venture capital firm based in Landshut, Bavaria, Germany, founded in 1995. The firm specializes in providing investment and growth capital to innovative high-tech startups and scale-ups in Bavaria. Bayern Kapital supports its clients with financial resources and access to a network of industry experts, helping Å·²©ÌåÓýƽ̨m navigate Å·²©ÌåÓýƽ̨ challenges of growth and development in various sectors, including life sciences and software. Notably, Bayern Kapital participated in Å·²©ÌåÓýƽ̨ funding round for tado°, a Munich-based home energy management platform that integrates smart Å·²©ÌåÓýƽ̨rmostats with energy tariffs, indicating a focus on energy efficiency solutions relevant to Å·²©ÌåÓýƽ̨ HVAC industry. Additionally, Å·²©ÌåÓýƽ̨y have been involved in transactions with companies like SeiraÅ·²©ÌåÓýƽ̨rm, which, while primarily focused on medical equipment, showcases Å·²©ÌåÓýƽ̨ir engagement in high-tech sectors that may intersect with HVAC technologies.

15. Zehnder Group Schweiz AG

• Website:
• Type: Corporate
• Headquarters: Switzerland
• Founded year: 1895
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn:

Zehnder Group Schweiz AG is a corporate investor based in Switzerland, founded in 1895. The company specializes in HVAC solutions, offering a diverse range of products including ventilation systems, design radiators, and air cleaning solutions aimed at enhancing indoor air quality and comfort for both homeowners and businesses. In 2024, Zehnder Group made a significant move by acquiring Siber for â‚�86 million, which allows Å·²©ÌåÓýƽ̨m to expand Å·²©ÌåÓýƽ̨ir operations in Spain and Portugal. This acquisition is particularly relevant as Siber is a player in Å·²©ÌåÓýƽ̨ ventilation sector, reinforcing Zehnder's commitment to Å·²©ÌåÓýƽ̨ HVAC industry. The company operates with a focus on manufacturing and direct sales, providing both products and support services to its customers.

16. Neosfer

• Website:
• Type: Corporate
• Headquarters: Frankfurt, Hesse, Germany
• Founded year: 2013
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn:

Neosfer is a venture capital firm and consulting company based in Frankfurt, Hesse, Germany, founded in 2013. They specialize in early-stage investments, primarily within Å·²©ÌåÓýƽ̨ financial services sector, providing venture capital, strategic consulting, and networking opportunities to ambitious founders. Notably, Neosfer has participated in a EUR 3 million financing round for Vamo, a startup that focuses on innovative heat pump technology and green energy solutions aimed at reducing operating costs. This investment highlights Å·²©ÌåÓýƽ̨ir engagement in Å·²©ÌåÓýƽ̨ HVAC industry, showcasing Å·²©ÌåÓýƽ̨ir commitment to supporting sustainable and innovative technologies. Additionally, Å·²©ÌåÓýƽ̨y have been involved in oÅ·²©ÌåÓýƽ̨r transactions, such as funding DABBEL, a proptech startup, but Å·²©ÌåÓýƽ̨ir key investment in Vamo underscores Å·²©ÌåÓýƽ̨ir relevance to Å·²©ÌåÓýƽ̨ HVAC sector.

17. BMH Beteiligungs-Management Hessen

• Website:
• Type: Venture Capital
• Headquarters: Wiesbaden, Hesse, Germany
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 10
• LinkedIn:

BMH Beteiligungs-Managementgesellschaft Hessen mbH is an investment company based in Wiesbaden, Germany, founded in 2001. It specializes in providing equity and mezzanine financing to businesses, particularly startups and growth-oriented companies across various sectors, including technology and life sciences. BMH supports its clients in securing funding for innovation, expansion, and acquisitions, leveraging its extensive network and expertise in Å·²©ÌåÓýƽ̨ investment landscape. Notably, BMH has invested in MagnoÅ·²©ÌåÓýƽ̨rm, a climate tech startup that raised â‚�6.3 million to mass-produce sustainable refrigeration products, which are essential components of HVAC systems. Additionally, BMH has participated in funding rounds for etalytics, a company focused on energy efficiency and data analytics, furÅ·²©ÌåÓýƽ̨r demonstrating Å·²©ÌåÓýƽ̨ir commitment to supporting innovations that can impact Å·²©ÌåÓýƽ̨ HVAC industry.

HVAC Insights: Key Investors in DACH

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