Advised on Sale of Company


Kesselheld GmbH

Leading digital start-up in heating installations Germany

a majority stake has been acquired by

Ariston Thermo S.p.A

Leading international group in the thermal and heating technology sector Italy

IMAP advises the shareholders of Kesselheld GmbH on the sale to Italian Ariston Thermo Group

The Italian Ariston Thermo Group (Ariston) has acquired the majority of shares in Kesselheld GmbH (Kesselheld), one of the leading digital start-ups in heating installations in Germany. The company founders, Martin Teichmann and Sascha Camilli, will continue to hold a minority stake and remain Managing Director of the Company. Handwerksunion GmbH, a fully-owned subsidiary of Kesselheld dedicated to installation, was carved-out from the transaction perimeter, as not of strategic focus for Ariston.

Ariston Thermo S.p.A., Fabriano, Italy

Ariston, headquartered in Fabriano in central Italy, is one of the leading international groups in the thermal and heating technology sector. The company produces and sells i.a. condensing boilers, water heaters, burners, heat pumps and air conditioning systems. The company has direct commercial activities in 41 countries globally, and generated in 2019 over EUR 1.7 billion, with almost 8,000 employees globally.

Kesselheld GmbH, Düsseldorf, Germany

With a well-known integrated online platform, which generates over 5 million page impressions annually, Kesselheld offers heating installation and maintenance services in Germany. On this basis, Kesselheld digitized the majority of the customer process around the heating change from the configuration to the virtual inspection of the boiler room. Kesselheld will remain an independent player in the comfort heating segment in Germany, continuing to provide customers with distinctive multi-brand heating installations leveraging the digital channel. The company is headquartered in Dusseldorf, Germany and currently has around 80 employees.


The IMAP-team exclusively advised the shareholders of Kesselheld throughout a structured M&A process and supported them in negotiating and successfully closing the transaction.