Clearwater has advised the Christiansen family and management of OJ Electronics, a leading company specialising in the design and development of electronic controls for HVAC and underfloor heating systems, on its sale to Bitzer, a refrigeration, air conditioning, and heat pump technology specialist.
OJ Electronics is a technology and innovation leader in the development, manufacture, and distribution of control solutions for HVAC systems and electric floor heating. Through deep application and technical know-how, the company contributes to the continuous drive for energy efficiency in buildings with more intelligent control solutions. Their product portfolio consists of controls and panels for air handling units, fans, and compressors in ventilation systems and thermostats for electric floor heating. In the fiscal year 2021/22, OJ Electronics reported a turnover of approximately €57m (DKK 424m) and EBITDA of over €12m (DKK 92m).
Founded in 1964, OJ Electronics transitioned ownership to the Christiansen family in the 1990s, who have since been the majority owners. Similar to OJ Electronics, Bitzer is a family-owned business headquartered in Stuttgart, Germany. With a global presence of 75 sites in 40 countries and more than 4,000 employees, the company is an independent specialist in refrigeration, air conditioning, and heat pump technology.
Bitzer's acquisition of OJ Electronics aims to broaden its scope for electronic components, especially in air handling and floor heating systems. This will support a broader offering of energy efficiency in the heating, ventilation, and air conditioning (HVAC&R) industry, through more intelligent solutions. In addition, the sale is expected to generate synergies through a strong cultural fit, with both businesses sharing similar values and a strong passion for their accomplished heritage.
