Hitecsa, a manufacturer of air-conditioning systems, based in Vilanova i la Geltrú (Barcelona), was acquired by PHI during the Chapter 11 proceedings Hitecsa entered in January 2012.
The operation was carried out through the acquisition of Hitecsa’s productive unit, acquiring all the assets related to the manufacturing and commercialization of air-conditioning systems. With PHI´s investment, Hitecsa will be able to maintain 108 workers and will benefit from PHI’s stability and operational know-how.
The company, which closed its 2011 fiscal year with a turnover of €24 million, designs, assembles and sells equipment for the industrial and tertiary markets. Today Hitecsa exports 15% of its production to the EU including countries such as France, Belgium, United Kingdom and world-wide including countries such as Tunisia, Morocco and Chile, among others.
Hitecsa`s acquisition is the eighth investment by PHI to date, the first investment for PHI in 2012 and the second acquisition of its fund, PHI Fund I, FCR. This acquisition reinforces PHI as one of the main turnaround players in the Spanish market, it is also the first such fund to acquire the productive unit of a company involved in a Chapter- 11 process in Spain.