ICG manufactures caters for the industrial refrigeration, HVAC and air conditioning markets under the brand names Searle, Raffel and Dawmec.
Niels Graugaard, (pictured) member of the Executive Board of GEA Group, said: 'ICG represents an excellent, profitable, technological and geographical extension of our refrigeration product range.
“The acquisition will strengthen the competitiveness and the position of GEA's Refrigeration Division in Europe and provides further significant synergy effects.'
Searle which was established in 1921 is one of the longest established and principal manufacturers of air-side compressor products for the refrigeration and air conditioning industry in Europe. It also has a well established range of HVAC products.
Raffel is a specialist manufacturer of galvanised steel heat exchanger for cooling and refrigeration system in stainless steel / aluminium, stainless steel / stainless steel.
Dawmec Ltd is the authorised UK distributor of DMW Copeland compressors and condensing units, TPI Instruments and Alco products for OEMs. Dawmec is also the European distributor of Kulthorn compressors.
The group employs 500 people and generated around £56 million in revenues last year.
The acquisition still needs approval from the German Federal Cartel Office.
So far this year GEA Group – which employs 20,000 people globally and had sales last year of £4.2 billion – has bought up seven companies with a combined value of £128mill.