What Valmex does

Valmex S.p.A. is an Italian B2B manufacturer of heat exchangers for the HVAC industry, with a particular focus on domestic wall-mounted gas boilers. Founded in 1999 as a spin-off of the heat exchanger division of MVM Meccanica Valle Metauro (itself founded in 1969 by Ing. Severino Capodagli), the company is jointly owned by the Capodagli family and the Spanish cooperative Orkli S.Coop, part of the Mondragon Corporation. The company is headquartered in Lucrezia di Cartoceto (Pesaro-Urbino, Italy) and operates a second 5,000 sqm manufacturing plant at Montefelcino, together with a wholly-owned Chinese branch at Kunshan (Shanghai). Across these sites, Valmex employs more than 400 collaborators and reports turnover exceeding €100 million.

The product portfolio spans three material families and roughly 18 distinct lines: stainless-steel condensing heat exchangers under the Circond brand (1.0, 1.0 WH for water heaters, 2.0, XL, XL ASME/NB/CRN, XXL), copper heat exchangers under the Monotermico and Bitermico families for traditional boilers, and aluminium heat exchangers (Alex for traditional, Wafer for semi-condensing, Alucond for condensing applications using Nocolok brazing). The Circond architecture is the company's main technical differentiator: an integrated, compact single-coil design based on an oval stainless-steel coil in which a variable-position insulated metal disc with silicon-ceramic fibre separates the combustion chamber from the condensing zone, enabling self-cleaning operation with no welding and modular power sizing. In-house validation is provided by the Centre of Excellence R&D Laboratory, inaugurated in September 2021, which includes two boiler test benches up to 250 kW and sixteen mechanical and reliability test stations.

Valmex monetises exclusively through hardware sales to OEM manufacturers of heating, cooling and air-conditioning systems under a direct, sales-led B2B motion, with collaborative co-development on customer projects and lead generation via major industry exhibitions (ISH Frankfurt, ISK-SODEX Istanbul, HVAC&R Atlanta, MCE Milano). Pricing is quote-based and not publicly disclosed. Certifications across ASME (Code IV and Code IX), the U.S. National Board of Boiler & Vessel Inspectors, ISO 9001/14001/45001/27001, EU REACH and RoHS, and the Italian UNI/PdR 125:2022 gender equality standard are central to the OEM qualification cycle and constitute a meaningful part of the company's competitive posture. Geographic footprint explicitly spans EMEA (Italy, rest of Europe), Asia-Pacific (China) and North America (US, via ASME-certified exports rather than a local subsidiary).

Name

Valmex

Legal name

VALMEX S.p.A.

Website

https://valmex.it

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Valmex is an Italian B2B manufacturer of stainless-steel, copper and aluminium heat exchangers for OEM producers of domestic and commercial boilers, serving HVAC customers across Europe, Asia and North America with over €100 million in revenue and 400+ employees.

Ownership category

akta.pro rank

Product category

HVAC Heat Exchangers

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF)

akta.pro secondary industries

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC), Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

Keywords

• Heat exchanger manufacturing
• Condensing boiler components
• HVAC OEM parts
• Stainless steel exchangers
• Brazed aluminum exchangers

Headquarters

HQ city

Lucrezia

HQ country

Italy

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Heat Exchanger Sales: Valmex generates revenue through the manufacture and sale of heat exchangers to OEM manufacturers of heating, cooling, and air conditioning systems worldwide. The company offers a complete range of products including stainless steel, copper, and aluminum heat exchangers for domestic and commercial boiler applications.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Valmex manufactures and sells heat exchangers for HVAC systems, primarily for domestic wall-mounted gas boilers. The portfolio includes stainless steel condensing heat exchangers (Circond series: 1.0, 2.0, XL, XXL, plus ASME/NB/CRN certified variants for North America), copper heat exchangers for traditional boilers (Monotermico and Bitermico series with multiple tube configurations), and aluminum heat exchangers for traditional, semi-condensing and condensing boilers (Alex, Wafer, Alucond). Products are sold to OEM manufacturers of heating, cooling, and air conditioning systems worldwide.

Product overview

Valmex is a heat exchanger manufacturer producing a comprehensive portfolio of products across three main material categories: stainless steel condensing heat exchangers (Circond series including 1.0, 2.0, XL, XXL variants with ASME/NB/CRN certifications), copper heat exchangers (Monotermico and Bitermico series with round and oval tube configurations for traditional boilers), and aluminum heat exchangers (Alex, Wafer, and Alucond for traditional, semi-condensing, and condensing boilers respectively). The product line serves the residential and commercial heating, cooling, and air conditioning system market, offering solutions for domestic wall-hung gas boilers, water heaters, and high-power industrial applications.

Differentiator

Problem solved

Functional benefit

Brands

• Circond: Stainless steel condensing heat exchanger product line - integrated and compact single-use heat exchanger based on a simple oval stainless steel coil
• Alex
• Alucond
• Wafer
• Monotermico
• Bitermico

Products and services

• Circond 1.0 Integrated and compact stainless steel condensing heat exchanger based on a simple oval coil for domestic wall-hung boilers, featuring a combustion chamber, condensing zone, and insulated metal disc separating the two zones.
• Circond 1.0 ASME/NB/CRN Stainless steel condensing heat exchanger variant with ASME, CRM, and National Board certifications for the North American market, achieving 95% AFUE efficiency.
• Circond 2.0 Next-generation integrated and compact stainless steel condensing heat exchanger with improved design for domestic applications, ErP compliant.
• Circond XL High-power stainless steel condensing heat exchanger designed for larger capacity applications, with 70 kW CH input power.
• Circond XL ASME/NB/CRN High-power stainless steel condensing heat exchanger with ASME, CRM, and National Board certifications for commercial and industrial applications.
• Circond XXL High-power condensing heat exchanger for industrial and large-scale applications, developed with European regional development funding under the Circond XXL project.
• Circond 1.0 WH Stainless steel condensing heat exchanger designed for condensing water heaters, with efficiency above 107% and models ranging from 10.5 to 17.5 coils.
• Monotermico 4 tubi tondi Copper heat exchanger with 4 round tubes for traditional boilers, featuring silicone coating with added aluminum surface treatment and maximum operating pressure of 3 bar.
• Monotermico 5 tubi ovali Copper heat exchanger with 5 oval tubes (D24x12) for traditional boilers, designed for power outputs ranging from 24 to 32 kW.
• Monotermico 5 tubi ovali d30x15 Copper heat exchanger with larger 5 oval tubes (D30x15) for traditional boilers, supporting power outputs up to 35 kW.
• Monotermico 6 tubi ovali Copper heat exchanger with 6 oval tubes (26.6x13.6) for traditional boilers, supporting power outputs from 28 to 35 kW.
• Monotermico 7 tubi ovali Copper heat exchanger with 7 oval tubes (32.14x12) for traditional boilers with higher power requirements up to 32 kW.
• Bitermico Compatto 6 Tubi Ovali Compact bithermal copper heat exchanger with 6 oval tubes for traditional boilers, featuring separate heating and domestic hot water circuits with maximum sanitary operating pressure of 10 bar.
• Bitermico 6 Tubi Ovali Bithermal copper heat exchanger with 6 oval tubes providing dual-circuit functionality for both heating and domestic hot water in traditional boilers.
• Bitermico Compatto 5 Tubi Ovali Compact bithermal copper heat exchanger with 5 oval tubes for traditional boilers, optimized for space-constrained installations.
• Bitermico 5 Tubi Ovali Bithermal copper heat exchanger with 5 oval tubes (30x15) for traditional boilers, supporting power outputs from 24 to 32 kW.
• Alex Innovative aluminum heat exchanger for traditional boilers, featuring compact design with dimensions of 180mm and power outputs from 18 to 32 kW.
• Wafer Aluminum recuperator/heat exchanger for semi-condensing boilers, featuring quick connections, maximum water-side temperature of 93 degrees C, and exhaust gas temperature of 150 degrees C.
• Alucond Brazed aluminum condensing heat exchanger using Nocolok technology, fully recyclable compact unit for high-efficiency wall-mounted condensing boilers with power outputs of 20-30 kW.

Quantifiable outcome

• Circond 1.0 WH efficiency >107%
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered major, core and minor.

• CTF Automazioni srlmajorStrategic or Co-development Partner · 1 January 2021Project partner in PR FESR 2021-2027 funded project 'Circond XXL' for development of high-power condensing heat exchangers and innovative production system.
• Eurotecnica srlmajorStrategic or Co-development Partner · 1 January 2021Project partner in PR FESR 2021-2027 funded project 'Circond XXL' for development of high-power condensing heat exchangers and innovative production system.
• FSC Project srlmajorStrategic or Co-development Partner · 1 January 2021Project partner in PR FESR 2021-2027 funded project 'Circond XXL' for development of high-power condensing heat exchangers and innovative production system.
• MADE – Competence Center Industria 4.0 (Politecnico di Milano)coreStrategic or Co-development Partner · 1 January 2020Collaboration started in 2020 to support Valmex in its digitization process. MADEConsulting conducted Digital Maturity assessment to define Industry 4.0 Strategy, identified critical areas for improvement, and developed an adoption plan based on expected costs and benefits.
• Fonderie Pl srlmajorStrategic or Co-development Partner · 1 January 2014Project partner in POR MARCHE FESR 2014/2020 funded project for new mechatronic platform for design and production of eco-sustainable heat exchangers.
• Saba Plast srlmajorStrategic or Co-development Partner · 1 January 2014Project partner in POR MARCHE FESR 2014/2020 funded project for new mechatronic platform for design and production of eco-sustainable heat exchangers.
• Università Politecnica delle MarcheminorStrategic or Co-development Partner · 1 January 2014University partner providing expert advice in scientific fields and training technical staff in Industry 4.0 technologies.
• Università di ParmaminorStrategic or Co-development Partner · 1 January 2014University partner providing expert advice in scientific fields and training technical staff in Industry 4.0 technologies.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Wilo: German manufacturer of pumps and hydronic components for HVAC and water management. Adjacent incumbent in the hydronic heating-components ecosystem serving the same European OEM channel as Valmex.
• Xylem (Bell & Gossett): Global water and thermal-management equipment manufacturer including commercial heat exchangers and hydronic systems. Comparable as a large diversified incumbent in thermal transfer equipment for HVAC and industrial markets.
• Ariston Group: Italian global leader in heating and hot-water products including wall-hung gas boilers. While primarily an OEM customer of Valmex rather than direct competitor, comparable in Italian heating-component manufacturing heritage and overlap in product category.
• BDR Thermea Group: European OEM of heating and hot-water solutions (Baxi, De Dietrich, Remeha brands). Overlaps with Valmex in domestic boiler market as a major customer segment but operates as a much larger incumbent at the system level.

Direct peers

• Giacomini: Italian manufacturer of hydronic heating components (radiator valves, manifolds, underfloor heating). Closely comparable as an Italy-based component supplier serving the same European OEM/installer customer base as Valmex.
• API Heat Transfer: Manufacturer of heat exchangers (plate, shell-and-tube, and air-cooled) for industrial and HVAC applications. Comparable as a mid-market industrial heat-exchanger supplier serving similar OEM and industrial customers.
• Kelvion: Specialist manufacturer of heat exchangers (gasketed plate, brazed plate, shell-and-tube) for HVAC, refrigeration, and industrial process markets. Direct peer in OEM supply of thermal transfer equipment with similar certifications.
• Alfa Laval (SWEP): Global leader in brazed plate heat exchangers used in HVAC, refrigeration, and district heating. Direct competitor in condensing heat-exchanger technology and supplier to overlapping OEM boiler manufacturers.
• Orkli S.Coop: Spanish cooperative and fellow Mondragon Corporation subsidiary; manufactures heating components (gas valves, regulators, water-heater components). Co-shareholder in Valmex and the closest comparable business given identical OEM customer base and hydronic heating focus.
• Danfoss (Sondex brand): Major manufacturer of plate heat exchangers and HVAC components under the Sondex brand. Competes with Valmex's aluminum brazed and stainless condensing heat exchangers in heating OEM applications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/valmex-group
• Facebookfacebook.com/ValmexGroup

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Valmex