Durban (South Africa)/Allendorf (Eder, Germany), 16/03/2020 – The Viessmann Group announced today that it has acquired a 40-percent stake in the South African company ThermoWise. The new cooperation lays the foundation for Viessmann’s successful entry into the South African market and other fast-growing African markets. ThermoWise’s headquarters are in Ballito, on the Northern coast of the KwaZulu-Natal province. The company is a leading installation and service provider specializing in major projects such as hospitals, shopping centers, hotels and housing complexes. Its range of services includes the planning, installation and servicing of complex heating centers, with a special focus on heat pumps and commercial heat generators. The company achieved sales of approximately EUR 10,5 million in the current financial year and employs around 400 people. Current shareholders Arnold Retief and Sitha Rajkoomar will retain a majority interest in ThermoWise and will continue to operate the business. Both sides have agreed not to disclose the purchase price of the shares.
“In ThermoWise we have found the perfect partner who provides us with a strong platform and long-term access to many attractive Sub Saharan African markets,” says Timo Tauber, Managing Director of Viessmann Investment, on the occasion of contract signing.
Arnold Retief, CEO of ThermoWise, says, “With Viessmann on board, we have a new economically strong, internationally recognized partner who will support our expansion strategy.”
Sitha Rajkoomar, CFO of ThermoWise, adds, “Over the last decade, we have successfully positioned ourselves as a premium supplier in the South African market. Through this new affiliation, our customers and partners will benefit in the long term from Viessmann’s innovative power and its unique Integrated Solution Offering.”