Acquisition History / Marc Giné (Terra Firma Capital) / Termotur and Airnou (Grup Nextclima)
Marc Giné (Terra Firma Capital) Acquires Termotur and Airnou (Grup Nextclima)
Announced September 18, 2025 — $11.7M
What happened
Spanish searcher Marc Giné acquired two Catalan HVAC firms simultaneously — Termotur (founded 1951, €3.7M 2023 revenue) and Airnou (founded 1992, €6.7M 2024 revenue) — to launch a buy-and-build consolidation strategy under Terra Firma Capital.
- Acquirer
- Marc Giné (Terra Firma Capital)
- Target
- Termotur and Airnou (Grup Nextclima)
- Announced
- September 18, 2025
- Price
- $11.7M
- Industry
- HVAC (heating, ventilation, air conditioning) services
- Buyer type
- Search fund
- Fund vehicle
- Terra Firma Capital
- Backing investors
- Istria Capital, ONEtoONE Asset Management, Ethos Partners (now Orca Equity Partners), Beka Finance, Cabiedes Inversiones, Luis Camilleri, Secways, Turtle Capital, Xavier Pladellorens
- Status
- Closed
By the numbers
Frequently Asked Questions About This Acquisition
When did Marc Giné (Terra Firma Capital) acquire Termotur and Airnou (Grup Nextclima)?
Marc Giné (Terra Firma Capital) acquired Termotur and Airnou (Grup Nextclima) on September 18, 2025. This was Marc Giné (Terra Firma Capital)'s 1st publicly tracked acquisition out of 1 we have on record.
How much did Marc Giné (Terra Firma Capital) pay for Termotur and Airnou (Grup Nextclima)?
Marc Giné (Terra Firma Capital) paid $11.7M for Termotur and Airnou (Grup Nextclima).
What does Termotur and Airnou (Grup Nextclima) do?
Spanish searcher Marc Giné acquired two Catalan HVAC firms simultaneously — Termotur (founded 1951, €3.7M 2023 revenue) and Airnou (founded 1992, €6.7M 2024 revenue) — to launch a buy-and-build consolidation strategy under Terra Firma Capital.
What other HVAC (heating, ventilation, air conditioning) services companies has Marc Giné (Terra Firma Capital) acquired?
Termotur and Airnou (Grup Nextclima) is Marc Giné (Terra Firma Capital)'s only publicly tracked acquisition in HVAC (heating, ventilation, air conditioning) services so far.