Founded in Paris in 1920, Gide is a leading international law firm with 12 offices spread throughout the world.
Gide is physically present in six regions of the world, with 11 offices, enabling it to act on cases globally.
7 May 2021
Deals | Turkey | M&A/Corporate
Gide and Chiomenti have advised Carel for the signing of a binding agreement for the acquisition of 51% of CFM Soğutma ve Otomasyon A.Ş. (“CFM”), a long-standing distributor and partner of Carel in Turkey as well as a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end users in the Turkish HVAC (Heating, Ventilation and Air conditioning) and Refrigeration market.
Gide and its associated firm ODS acted as Turkish counsel to Carel, while Chiomenti was the lead counsel.
CFM's workforce, based in the 6,500 sqm Izmir facility, numbers 34 people, half of whom are part of the technical and engineering team.
In 2020 CFM reported revenues of 14.5 million euros and EBITDA of 5.0 million euros. It is expected that at the time of the closing of the operation the net financial position will be slightly positive (net cash).
Gide and its associated firm Özdirekcan Dündar Şenocak assisted Carel on Turkish aspects of the transactions with a team led by partner Arpat Şenocak and associate Iklim Gulsun Aytekin.
Chiomenti advised Carel, with partner Corrado Canziani, with associates Silvia Colomba and Benedetta Gizzi.
The Seller was advised by Esin Attorney Partnership.
