Alantra advises Astorg and IPCOM on IPCOM’s signed agreement to acquire Le Froid Pecomark

Jun 2026

Buy-side advisory

Paris – Alantra has acted as sole financial advisor to Astorg and its portfolio company IPCOM on IPCOM’s signed agreement to acquire Le Froid Pecomark, a leading French distributor of refrigeration, HVAC, and heat pump solutions.

The transaction represents a strategic add-on for IPCOM, strengthening its position in the French HVAC-R distribution market and expanding its technical capabilities and customer reach in Europe. Le Froid Pecomark brings a broad product portfolio, value-added technical services, customized assembly capabilities, and long-standing customer relationships.

IPCOM is the pan-European leader in the distribution and conversion of specialist insulation solutions, with activities across technical insulation, high-temperature solutions, passive fire protection, noise control, and building insulation products. The acquisition further supports IPCOM’s expansion into HVAC-R and reinforces its development as a technical distribution platform across Europe.

Alantra originated the opportunity through its direct relationship with Le Froid Pecomark’s shareholders and their advisory environment, ahead of a planned competitive auction process. Leveraging its knowledge of the HVAC-R and technical distribution market, as well as its long-standing relationship with Astorg, Alantra identified IPCOM as the ideal strategic partner and facilitated early bilateral discussions.

Alantra structured and managed the bilateral process, enabling IPCOM to secure exclusivity without entering a broader auction, while supporting valuation and transaction-term negotiations through signing.

Jérôme Breuneval, Managing Director at Alantra, said: “We are pleased to have advised Astorg and IPCOM on this strategic add-on acquisition in the French HVAC-R distribution market. By originating the opportunity ahead of a formal auction and managing a bilateral process, Alantra helped IPCOM secure a transaction that strengthens its technical capabilities and European customer reach.”

This transaction adds to Alantra’s track record in HVAC/R, technical distribution, and building products, including advising Inflexion-backed Aspen Pumps Group on the acquisition of Malco Tools, advising Aspen Pumps on its sale into Inflexion’s multi-asset continuation vehicle, advising the shareholders of Sauermann on its sale to Verder, and advising Aurelius on the acquisition of Grafton’s Youbuild and MPRO building materials merchant activities.