Nicotra Gebhardt


Headquartered in Zingonia (Italy) with R&D center and main production facilities in Germany, Nicotra-Gebhardt was formed following the combination in 2005 between Nicotra and Gebhardt, two leading European manufacturers of fans for commercial buildings and industrial process ventilation applications. Nicotra-Gebhardt is a truly international company offering one of the widest portfolio of ventilation products available in the market, including complex engineering and revamping solutions.


We were compelled by the highly attractive industrial ventilation sector that presents solid underlying fundamentals and trends supporting significant growth potential (i.e. energy saving and efficiency, safety, etc.). Nicotra-Gebhardt counts with a diversified product offering and a truly international footprint, including a leading position in certain product niches (Fan Filter Units) in Asia. Our investment thesis included also the possibility to consolidate the market through the acquisition of complimentary businesses; the possibility to implement several operational improvement initiatives across the group; the possibility to extract full synergies from the recently completed combination of Nicotra and Gebhardt and the possibilities of benefiting from the company’s highly cash generative business model.

Date of Investment: February 2008

Date of Exit: April 2018

Sector: Niche Industrials

Sector: Italy

Sales: €122 million at exit

manufacturing sites in Italy, Germany, India, Malaysia and China
people employed globally
add-on acquisitions completed
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