What Fiorini Industries does

Fiorini Industries S.r.l., founded in 1978 and headquartered in Forlì, Italy, designs, manufactures, and installs hydronic components and systems for HVAC&R (heating, ventilation, air conditioning, and refrigeration) applications. Its product portfolio spans plate heat exchangers (both inspectable and brazed types), refrigeration-system components (inertial accumulators, hydronic kits), hot water production systems (rapid preparers, instantaneous DHW units, thermal accumulators, solar thermal, water heaters), PED-certified pressure vessels up to 100,000 liters, and heat pump systems (geothermal, DC inverter splits, DHW). The company also delivers engineered custom solutions including skid-mounted hydraulic modules, heat recovery stations, factory test benches for chillers, and tailor-made heat exchangers — a capability it highlights as a differentiator alongside 40 years of accumulated know-how.

The business operates a hybrid go-to-market model: direct enterprise sales supported by technical consulting from design through factory acceptance testing, combined with a distribution and installer network covering 52 countries, OEM supply to Italian and multinational HVAC&R brands, and local agencies for mid-market accounts. Revenue is generated through one-time hardware sales across three streams: standard catalog products, custom/bespoke engineering, and OEM components. Pricing is quote-based with catalog price lists accessible only via a reserved customer portal, and no public pricing or revenue disclosure exists. The company is privately held under Italian S.r.l. corporate form, with majority ownership held by private equity firm Mindful Capital Partners since October 2023, and a December 2024 acquisition of Lovato S.p.A. to consolidate the Italian HVAC market.

Fiorini holds RINA-IQNET ISO 9001 (quality), ISO 14001 (environmental), ISO 45001 (occupational health and safety), CE-PED pressure equipment, AGCM legality rating of two stars plus, and a May 2024 EcoVadis sustainability certification, positioning it for institutional and OEM procurement requirements across the European industrial buyer base.

Name

Fiorini Industries

Legal name

Fiorini Industries S.r.l.

Website

https://fiorini-industries.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

101–250 employees

Short description

Fiorini Industries is an Italian designer and manufacturer of hydronic components and custom HVAC&R systems — plate heat exchangers, storage tanks, heat pump systems, and skid-mounted solutions — serving plant engineers, distributors, installers, OEMs, and industrial customers across 52 countries.

Ownership category

akta.pro rank

Product category

HVAC&R Hydronic Components and Thermal Exchange Equipment

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers (423720)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580), Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures (3430)

akta.pro primary industry

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC)

akta.pro secondary industries

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Heat Pumps (Air/Water/Ground Source) (IMAHAKAF)

Keywords

• Plate heat exchangers
• Hydronic systems components
• HVAC pressure tanks
• Domestic hot water systems
• Heat pump skids

Headquarters

HQ city

Forlì

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. Standard Product Sales: Sales of standard heat exchangers, hydraulic kits, hot water systems, storage tanks, and hydronic components for HVAC applications.
2. Custom/Bespoke Solutions: Custom-designed and manufactured products for specific customer requirements, including skid systems, large tanks, and special heat exchangers in small and large series.
3. OEM Components: Manufacturing of components supplied to other HVAC&R brands as OEM partner.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Fiorini Industries designs, manufactures, and supplies hydronic components and thermal exchange products for HVAC&R applications, including plate heat exchangers (inspectable and brazed), inertial accumulators, hydronic kits, domestic hot water preparation and storage systems (rapid preparers, instantaneous DHW units, thermal accumulators, solar thermal, DHW tanks, water heaters), PED-certified pressure tanks, and heat pump systems (geothermal, DC inverter splits, DHW). The company also delivers custom-engineered solutions such as skid-mounted hydraulic modules, heat recovery systems, refrigeration test benches, large tanks up to 100,000 liters, and tailored heat exchangers. All products are designed, built, and tested at the 20,000 sqm Forlì facility and sold through direct enterprise sales, a 52-country distributor/installer network, OEM partnerships, and commercial agencies.

Product overview

Fiorini Industries offers a comprehensive portfolio of thermal-hydraulic products and custom solutions for the HVAC&R (heating, ventilation, air conditioning, and refrigeration) industry. The core product lines include plate heat exchangers (both inspectable and brazed types), refrigeration system components (inertial accumulators and hydronic kits), hot water systems (rapid preparers, instantaneous DHW units, thermal accumulators, solar thermal, DHW tanks, and water heaters), pressure-tested tanks certified under PED, and heat pump systems (geothermal, DC inverter splits, and DHW systems). The company also provides extensive custom-tailored solutions including skid systems, heat recovery systems, test benches for refrigeration machines, large tanks (up to 100,000 liters), and custom heat exchangers. Products are manufactured at the company's headquarters in Forlì, Italy, with distribution through a network in 52 countries, and the company also serves as an OEM supplier for major HVAC&R brands.

Differentiator

Problem solved

Functional benefit

Products and services

• Inspectable Plate Heat Exchangers (Scambiatori di calore a piastre ispezionabili) Plate heat exchangers designed for inspectable maintenance, enabling efficient thermal exchange for HVAC and industrial applications with easy access for cleaning and servicing.
• Brazed Plate Heat Exchangers (Scambiatori di calore saldobrasati) Brazed plate heat exchangers providing high-efficiency thermal exchange in a compact design, suitable for heating, cooling, and domestic hot water applications.
• Inertial Accumulators (Accumuli inerziali) Buffer tanks designed for thermal energy storage in refrigeration systems, improving performance and efficiency of cooling installations.
• Hydronic Kits (Kit idronici) Hydronic kits for optimizing refrigeration and HVAC systems, integrating multiple hydraulic components for improved system management.
• FST Rapid Preparers (Preparatori rapidi FST) Rapid water heaters designed to heat large quantities of domestic hot water quickly and efficiently, reducing wait times and improving user comfort.
• Instantaneous DHW Preparers (Preparatori istantanei per ACS) Instantaneous domestic hot water preparation systems providing on-demand hot water without storage requirements.
• Thermal Accumulators (Termoaccumuli) Thermal storage tanks for accumulating and storing thermal energy, optimizing energy use and system efficiency.
• Solar Thermal Systems (Solare termico) Solar thermal systems for harvesting renewable solar energy for water heating applications, contributing to energy efficiency and sustainability.
• DHW Accumulators (Accumuli ACS) Domestic hot water storage tanks for maintaining ready availability of sanitary hot water in residential and commercial buildings.
• Water Heaters (Bollitori) Storage water heaters for domestic and sanitary hot water production, available in various capacities for different application needs.
• Pressure-Tested Tanks (Serbatoi collaudati in pressione) PED-certified pressure vessels designed for fluids under high pressure, meeting European safety standards for industrial applications.
• Geothermal Heat Pump Systems (Sistemi geotermici) Geothermal heat pump systems utilizing ground-source energy for efficient heating, cooling, and domestic hot water production.
• DC Inverter Split Heat Pump Systems (Sistemi split DC INVERTER) Split-type heat pump systems with DC inverter technology for variable-speed operation, optimizing energy consumption and comfort levels.
• Heat Pump DHW Systems (Sistemi ACS con pompa di calore) Heat pump systems specifically designed for domestic hot water production, offering high efficiency and reduced energy costs.
• Skid-Mounted Hydraulic Systems (Skid Systems) Pre-assembled skid systems integrating multiple hydraulic components for quick and easy connection to industrial plant systems, customizable in color, labeling, and branding with integrated control cabinets.
• Heat Recovery Systems Systems that recover waste heat energy from production processes or HVAC systems for reuse in heating water or sanitary applications.
• Test Benches for Refrigeration Machines Custom-engineered testing stations for factory acceptance testing of air-cooled and water-cooled refrigeration machines, featuring compact design for production line integration.
• Large Tanks (Großtanks) Custom-manufactured large-scale tanks ranging from 100 to 100,000 liters for outdoor or underground installation, available in vertical or horizontal configurations with various materials and CE marking per PED 2014/68/EU.
• Custom Heat Exchangers (Maßgeschneiderte Wärmetauscher) Custom-tailored heat exchangers built from standard product models, with customizable gaskets (EPDM, NBR, VITON), connections (threaded, flanged, Victaulic), layouts (single-pass or multi-pass), and materials for single units to large series production.

Quantifiable outcome

• 40 years of continuous operation and innovation in hydronic systems
• +1 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered core and major.

• Lovato S.p.A.coreStrategic or Co-development Partner · 19 December 2024Acquired by Fiorini Industries S.r.l. in December 2024 with support from Mindful Capital Partners. This acquisition creates a new Italian leader in the HVAC sector, combining complementary product portfolios and expanding market reach.
• OEM HVAC&R Brands (Italian and Multinational)majorOEM/ Whitelabel/ Licensing PartnerFiorini operates as OEM supplier to major Italian and multinational brands in the HVAC&R (Heating, Ventilation, Air Conditioning, and Refrigeration) sector, manufacturing components and products under their brand names.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• GEA Group: GEA is a global manufacturer of heat exchangers, refrigeration compressors, and process cooling equipment serving HVAC, food, and industrial customers. Its heat transfer and refrigeration divisions directly overlap with Fiorini's plate heat exchangers, refrigeration components, and industrial heat recovery solutions.
• Alfa Laval: Alfa Laval is a global leader in heat transfer, separation, and fluid handling, with a major brazed and gasketed plate heat exchanger business serving HVAC, refrigeration, and industrial process cooling. It directly overlaps with Fiorini's heat exchanger and hydronic component portfolio, though at much larger scale and global reach.
• Kelvion: Kelvion manufactures plate, brazed, and shell-and-tube heat exchangers for HVAC, refrigeration, and industrial process applications. It competes head-to-head with Fiorini in plate heat exchangers, hydraulic modules, and custom thermal solutions for OEM and industrial customers.
• Caleffi: Caleffi is an Italian manufacturer of hydronic components, balancing valves, and heat exchanger accessories for heating and plumbing systems. As a fellow Italian hydronic specialist, it is one of the closest geographic and product-line peers to Fiorini, serving installers and distributors across Europe.
• Giacomini: Giacomini is an Italian-based producer of heating, plumbing, and hydronic distribution components, including heat exchanger units and radiant systems. It is a direct competitor in the European hydronic components market, with overlapping customer base of installers, distributors, and OEM manufacturers.
• Stiebel Eltron: Stiebel Eltron is a German manufacturer of heat pumps, domestic hot water heaters, and hydronic heating systems. It overlaps with Fiorini's heat pump systems, DHW tanks, and solar thermal products, particularly in the European residential and light commercial channel.
• SWEP (Dover): SWEP is one of the world's leading manufacturers of brazed plate heat exchangers, used in HVAC, refrigeration, and district heating. It is a direct product-line competitor to Fiorini's brazed and inspectable plate heat exchangers, serving overlapping OEM and installer channels globally.

Broad incumbents

• Watts Water Technologies: Watts Water Technologies manufactures plumbing, heating, and water quality products including heat exchangers, storage tanks, and hydronic accessories. As a broad global incumbent, it overlaps with several of Fiorini's product lines (water heaters, DHW tanks, hydronic components) and competes across similar installer and OEM channels.
• Danfoss: Danfoss is a major Danish supplier of HVAC components, heat exchangers, valves, and district heating/cooling solutions. It competes broadly with Fiorini across hydronic, heat-pump, and refrigeration component categories, with deeper global reach and a stronger OEM relationship footprint.
• Xylem (Bell & Gossett): Xylem, through its Bell & Gossett brand, is a major US-based supplier of hydronic systems, pumps, and heat exchangers for commercial HVAC. It is a broader incumbent in the hydronic space with deeper North American presence, competing with Fiorini in pumps, heat exchangers, and packaged hydraulic solutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php

Compliance6 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 Fiorini Industries