LU - VE Group

What LU - VE Group does

LU-VE Group S.p.A. is an Italian manufacturer of heat exchange and cooling equipment for the commercial refrigeration, industrial cooling, and air conditioning markets. The company is publicly listed on the Milan Stock Exchange (ticker: LUVE), headquartered in Uboldo (Varese, Italy), and operates production facilities in Italy, the United States (Texas and a newly opened Jacksonville plant), and India. Its product portfolio spans six core categories: air-cooled condensers, air coolers, CO2 gas coolers, liquid coolers, OEM heat exchangers, and thermo glass doors, supplemented by a non-core IoT digital signage line. Named product families include the Vantage FHC/EHC commercial air coolers, Alfa V Mega VXX3 and Alfa V VDD liquid coolers, Alfa Arctigo IS heavy-duty air coolers, the Giant F flat CO2 gas cooler, and Defender CS/LS/ECS industrial air coolers.

The company's underlying technology centers on proprietary heat exchange design, with particular depth in transcritical CO2 refrigeration systems (Giant F) and long-lifetime, minimum-maintenance cooling for data center and industrial applications. Through the 2022 acquisition of a 75% stake in Refrion Group (€8.1M, 7.35x adjusted EBITDA), LU-VE added air-cooled condensers, dry coolers, coils, and nuclear-sector capability. In 2026 the company secured a multi-year supply agreement for data centre cooling worldwide, opened a new spare parts hub, and upgraded the Giant F product line, signalling a deliberate push into hyperscale data center cooling.

LU-VE generates revenue primarily through B2B hardware sales of cooling and heat exchange equipment, executed via direct enterprise field sales across Europe, North America, and India, with quote-based pricing and a self-serve product configurator on plair.it. Customer segments are horizontally diversified across industrial cooling, refrigeration, data centers, air conditioning, energy and power generation, OEM components, and digital signage, with primary verticals in industrial cooling, data centers, and refrigeration. The combination of long-cycle equipment specifications, multi-year supply agreements, and an after-sales/spare parts layer produces a recurring-revenue overlay on top of project-based equipment sales.

Name

LU - VE Group

Legal name

LUVE S.p.A.

Website

https://luvegroup.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

LU-VE Group is an Italian public manufacturer of heat exchange and cooling equipment — air-cooled condensers, air coolers, CO2 gas coolers, liquid coolers, OEM heat exchangers, and thermo glass doors — serving industrial, data center, refrigeration, air conditioning, and energy customers globally through enterprise field sales.

Ownership category

akta.pro rank

Product category

Commercial Refrigeration and Industrial Air Conditioning Equipment

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)

akta.pro secondary industries

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC), Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling) (HDABAKAD)

Keywords

• Commercial refrigeration equipment
• Industrial air conditioning
• Heat exchangers
• Data center cooling
• HVAC&R components

Headquarters

HQ city

Varese

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. HVAC&R Equipment Sales: LUVE Group generates revenue through the sale of heat exchange equipment including air-cooled condensers, air coolers, CO₂ gas coolers, liquid coolers, and OEM heat exchangers. The company also sells thermo glass doors and IoT solutions. Revenue is derived from both direct sales and multi-year supply agreements with major customers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

LU-VE Group manufactures and sells heat exchange equipment for HVAC&R applications, including air-cooled condensers, commercial and industrial air coolers, CO₂ gas coolers, V-shape liquid coolers, OEM heat exchangers, and thermo glass doors. The company also offers IoT digital signage solutions and supplies cooling equipment for industrial cooling, commercial refrigeration, air conditioning, data centers, energy and power generation, and OEM integration.

Product overview

LU-VE Group is an HVAC&R company offering a comprehensive portfolio of cooling solutions organized into six main product categories: Air Cooled Condensers, Air Coolers, CO₂ Gas Coolers, Liquid Coolers, OEM Heat Exchangers, and Thermo Glass Doors. The company also provides IoT Solutions for digital connectivity applications. The product lineup includes specific product lines such as Vantage FHC/EHC (cubic commercial air coolers), Alfa V Mega VXX3 and Alfa V VDD (V-shape liquid coolers), Alfa Arctigo IS (heavy-duty cubic air coolers), Giant F (flat CO₂ gas coolers), and Defender CS/LS/ECS (cubic industrial air coolers). Applications span industrial cooling, refrigeration, air conditioning, data center cooling, energy & power generation, digital signage, and OEM components. The company operates globally with production facilities in Europe, North America (Texas, Jacksonville), and India.

Differentiator

Problem solved

Functional benefit

Products and services

• Vantage FHC, EHC Hi-Tech cubic commercial air coolers designed for commercial cooling applications, serving businesses that need reliable air cooling for retail, hospitality, and light commercial environments.
• Alfa V Mega VXX3 Hi-Duty Industrial Mega V-Shape liquid coolers engineered for heavy industrial cooling applications requiring high-capacity liquid cooling.
• Alfa Arctigo IS Hi-Duty cubic air cooler designed for heavy industrial applications, providing robust cooling capacity for demanding industrial environments.
• Alfa V VDD Hi-Duty Industrial V-Shape liquid cooler designed for demanding industrial cooling requirements, targeting heavy-duty process and facility applications.
• Giant F Hi-Tech Flat Industrial CO₂ Gas Cooler designed for transcritical CO₂ refrigeration systems, serving industrial and commercial refrigeration applications with energy-efficient performance.
• Defender CS, LS, ECS Hi-Tech Cubic Industrial Air Coolers for industrial cooling applications, providing reliable air cooling solutions for warehousing, processing, and cold storage facilities.
• IoT Digital Signage Solutions Internet of Things digital solutions for connected commercial signage applications including lift cars, hotels, refrigerator doors, gymnasium mirrors, and other digital display use cases.

Quantifiable outcome

• Multi-year supply agreement for data centre cooling solutions worldwide
• +1 more outcomes

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Refrion GroupcoreStrategic or Co-development Partner · 27 February 2022LUVE Group acquired a 75% stake in Refrion Group, an Italian company specializing in air-cooled condensers, dry coolers, and coils, for €8.1 million. The acquisition aligns with LUVE's sustainability goals and includes an option to purchase the remaining shares over five years. Refrion continues to develop products for the nuclear sector and other markets. The transaction was valued at 7.35 times the company's adjusted EBITDA from 2020-2021.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Güntner Group: Güntner is a German-headquartered manufacturer of heat exchangers, air coolers, and condensers for HVAC, refrigeration, and industrial cooling applications — almost identical product portfolio to LU-VE across cubic air coolers, gas coolers, and condensers. Both companies serve commercial refrigeration and industrial customers in Europe and globally.
• Kelvion: Kelvion (formerly GEA Heat Exchangers) is a dedicated heat exchanger manufacturer serving HVAC, refrigeration, data center cooling, and industrial applications. Its product portfolio of air-cooled condensers, dry coolers, and chillers directly competes with LU-VE across most application segments.
• Baltimore Aircoil Company: BAC is a US-based manufacturer specializing in evaporative cooling, adiabatic cooling, and heat rejection equipment for HVAC and industrial applications. It directly competes with LU-VE in data center, industrial, and commercial cooling, particularly in North America.
• EVAPCO: EVAPCO is a US-headquartered global manufacturer of heat transfer products including adiabatic coolers, evaporative condensers, and dry coolers for HVAC, refrigeration, and data center applications. It is a direct competitor in the industrial and data center cooling segments where LU-VE is investing.
• Modine Manufacturing: Modine manufactures thermal management and heat transfer products including data center cooling coils, condensers, and air-cooled heat exchangers. Its data center-focused product line, Airedale brand, and heat exchanger offerings make it a direct competitor in LU-VE's strategic growth segments.
• Bitzer: Bitzer is a German manufacturer of refrigeration compressors and related components, serving commercial refrigeration and industrial cooling customers globally. While more compressor-focused, it serves the same commercial refrigeration OEM and end-user customers as LU-VE.

Broad incumbents

• Alfa Laval: Alfa Laval is a large Swedish industrial group with a major heat exchanger business serving HVAC, refrigeration, and process industries, including brazed and gasketed plate heat exchangers. While broader in scope (also food, marine, water), its HVAC&R heat transfer segment overlaps directly with LU-VE's core technology.
• Carrier Global: Carrier is one of the largest global HVAC manufacturers, with extensive product lines spanning commercial air conditioning, refrigeration, and data center cooling. It competes with LU-VE across all commercial and industrial cooling segments but at a vastly larger scale.
• Trane Technologies: Trane Technologies is a major global HVAC manufacturer with strong commercial and industrial cooling portfolios including chillers and air handling units. Its broader portfolio overlaps with LU-VE's commercial air conditioning and data center cooling offerings.
• Daikin Industries: Daikin is a global leader in HVAC and refrigeration with extensive commercial, industrial, and refrigerant product lines. Its scale and vertically integrated refrigerant manufacturing make it a broad incumbent competitor across LU-VE's served markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/LUVEGroup
• Facebookfacebook.com/luve.group.spa
• LinkedInlinkedin.com/company/lu-ve-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LU - VE Group