maconda supports Viessmann in its investment in Elektrotermex, a leading Polish manufacturer of district heating transfer stations for residential and commercial properties
maconda News November 2022
The Cologne consulting boutique maconda prepared the majority stake in Elektrotermex for Viessmann, Germany’s leading manufacturer of heating, cooling and ventilation technology, through a focused “Commercial Review”. Elektrotermex is a Polish provider of local and district heating transfer stations for residential and commercial properties. In doing so, maconda’s consultants—particularly experienced in niche markets—primarily evaluated Elektrotermex’s success factors and growth potential in a diffuse political environment.
Historically, the market for heat transfer stations has been particularly strong in Eastern Europe, driven above all by heating via district heating. Poland also has a large district heating network, especially in medium-sized and large cities and their surrounding areas, which offer ideal conditions for district heating due to high population density. Heat transfer stations are used to distribute local and district heating in residential and commercial properties.
The supplier landscape includes both larger foreign companies and domestic specialists such as Elektrotermex. Headquartered in Ostrołęka in the northeast of the country, the company has built a strong market position as an innovative provider and established good relationships with energy utilities that are mostly state- or municipally run. The energy market is highly regulated, as in most countries, and in Poland is additionally shaped by political intervention. In particular, public subsidies for energy utilities and for energy consumers drive demand.
Here, maconda was able to fully leverage its extensive experience in niche segments and regulated markets. While data on district heating is already rather limited, this applies even more to the technology used for distribution and the associated manufacturers and installers. Where quantitative data existed, it was often inconsistent and focused only on the past. The situation regarding subsidies—having a major impact on the development of the energy sector—was particularly unclear. Their future accessibility for energy utilities and energy users had to be assessed in a politically uncertain scenario.
In addition to comprehensive on-the-ground research in Poland, maconda relied in particular on structured and exploratory interviews with a wide range of market participants. Our experienced and highly valued colleagues at Azimutus in Warsaw provided support here. This was complemented by well-prepared interviews with customers, which helped to accurately assess Elektrotermex’s position.
About Elektrotermex
Elektrotermex (ETX) was founded in 1988 and employs around 130 people at its headquarters in Ostrołęka, approximately 130 kilometres northeast of Warsaw. The heat transfer stations developed and produced by ETX cover a wide range of applications—from compact units for single-family homes and central distribution stations, for example for new residential areas, to large, complex systems for use in commercial buildings. ETX is active across the entire Polish market. Today’s customers primarily include regional and national energy utilities as well as large corporations.
About Viessmann
The family-owned company Viessmann is a global leader in sustainable climate (heat, cooling, water and air quality) and renewable energy solutions. Its integrated offering seamlessly connects products and systems via digital platforms and services. Viessmann has acquired a majority stake in ETX. The aim of the strategic partnership is to further expand ETX’s strong market position in Poland and, together, become a leading solutions provider for local and district heating networks.
maconda continues to expand its expertise in building services engineering
In recent years, the maconda team has worked intensively on various segments of the construction industry and building services engineering. These include, for example, engagements relating to lighting (architectural lighting, residential lighting, etc.), smart home applications, systems for collecting and distributing greywater and wastewater, and various building materials (floor coverings, insulation technology, paints, etc.). This is complemented by services such as remediation of water and fire damage and the detection of unexploded ordnance. The tasks entrusted included Commercial Due Diligence reviews, strategy engagements, and successful performance optimisation projects.
Extensive industry experience: Home & heating | Floor coverings & insulation | Lighting, LED technology, sensors | Electrical installation | Security technology | Wood-based materials | Sanitary, heating, air conditioning (SHK) | Sewer construction | Gardening and landscaping | Remediation of building damage| Removal of unexploded ordnance | Woodworking machinery | Power and garden tools | Building materials retail and DIY | … and much more