CCC Holdings Europe SpA acquires Enex Srl: second acquisition in this month in air conditioning and refrigeration

MILAN, 17 February, 2020 — CCC Holdings Europe S.p.A. (“CCCHE”), a holding company based in Italy, focused on the Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) industry, announced today the signing of the acquisition of Enex S.r.L (“Enex”) by Roen Est S.p.A. (“Roen Est”, a company owned by CCCHE). Founded in 2004, Enex is the pioneer and technology leader in natural refrigerant refrigeration and commercial air conditioning and heating systems, having installed over 1,500 CO₂ transcritical systems to date. Enex had nearly €10 million of revenues in 2019, has approximately 50 employees, and a factory based in Treviso, Italy. Enex is led by Sergio Girotto, “2018 Atmosphere Europe Man of the Year” and considered by most as the “father of new CO₂ refrigeration”. Sergio designed the first CO₂ transcritical supermarket in 1999, and in 2001 he installed the first-ever CO₂ transcritical system in a large supermarket. Enex’s natural refrigerant product offering and high-efficiency designs help reduce carbon footprint and combat global warming.

“It is exciting to sign this second acquisition in a month, executing on our plan to acquire four to six companies over 2020-2021, on our way to creating a company with over €200M in revenues” said Greg Deldicque, Chairman and CEO of CCCHE. “Enex is a technological gem which is transforming the world of refrigeration racks, and HVAC natural chillers and commercial heat pumps. Sergio Girotto, Enex’s strong team, and CCCHE now aspire to make Enex a market leader”.

CCCHE makes control investments in middle-market European HVACR companies with revenues between €10 milion and €150 million. Investments span OEM/manufacturing, service/installation, and wholesale/distribution companies. It is led by entrepreneur Greg Deldicque, an HVACR industry veteran, and supported by long-time senior advisors Didier Da Costa, Eric Parrot, and Jean-Pierre Xiberras. Aside from Mr. Deldicque and his partners, Italmobiliare S.p.A. and Luca and Alberto Pretto are investors in CCCHE.

“CCCHE’s clear focus on HVACR middle-market companies and operational capabilities provide strong benefits to its companies, their management teams, and potential sellers,” Deldicque added.

CCCHE welcomes investments in companies at all stages of their business cycles, including business growth, transformations, turn-arounds (including negative EBITDA or

free cash-flow), carve-outs and roll-ups. It has strong values and takes a collaborative and ethical approach to all its investments.

CCCHE is already in advanced conversations with several other potential acquisitions and welcomes new opportunities.

Sergio Girotto, founder and CEO of Enex, stated “CCCHE offers the support Enex needs to grow both organically and through acquisitions. I feel that we are at the beginning of a new chapter in the history of Enex, exploiting commercially all the innovation developed in over last years “.

Gattai Minoli Agostinelli & Partners and Luigi Dalla Costa, from BANOR SIM, acted as advisors to CCCHE. Nctm Studio legale acted as advisors to the seller.

For more information: https://coldchaincapital.com, https://www.roenest.com/, and https://www.enex.it/en/


Greg Deldicque

CCC Holdings Europe S.p.A.

+34 634 908 925



Vice Chairman Enex Industrial

  • Joined ENEX Technologies from EOS Refrigeration in 2023, where he was founder & CEO
  • More than 30 years’ experience in the Refrigeration sector as a managing director and then founder of a leading ammonia refrigeration OEM, generating more than 30% annual growth
  • Launched several innovative products focused on energy efficiency and environmental sustainability
  • Obtained an Engineering degree from UPC – Polytechnic University of Catalonia, Barcelona

CEO, Heat Exchangers, Enex Technologies

  • Based in Treviso, Italy
  • Joined Roen Est in 2020 as Chief Operating Officer
  • 20 years’ experience in operations, lean manufacturing, product commercialization and supply chain with Danfoss and Rivacold
  • Earned a degree in Engineering from the University of Saint Etienne in France

CEO, Commercial Refrigeration and Enex HVAC

  • Joined Enex Technologies from Carrier, where he was Managing Director, Commercial HVAC Europe
  • More than 20 years’ experience in the HVAC sector leading transformation, with a track record of significantly improving the financial performance of the businesses he leads
  • Earned a degree in Economics Business and Administration at Universidad Complutense
  • Completed programs at the University of Virginia’s Darden School of Business, and IESE Business School