PRESS RELEASE: iZone sold to Rinnai Australia

November 6, 2023


iZone smart climate controller

Johnsons is pleased to announce the successful sale of a private, mid-sized Australian business to a multinational enterprise. After facilitating a compre-hensive, end-to-end sales and negotiations process, our client – iZone – has been acquired by the Australian arm of Japan’s Rinnai Corporation for an undisclosed amount. iZone operates as a developer, contract manufacturer, and distributor of proprietary smart home air-conditioning & automation systems. Rinnai is a leading global equipment brand that manufactures and supplies a wide range of commercial and domestic heating, cooling, and hot water systems.

The team at Johnsons were pleased to act as lead advisors to iZone’s directors and would like to extend our congratulations to both the vendor and the purchaser.          

In late 2022, iZone’s directors engaged Johnsons to undertake an international divestment campaign on their behalf. Having developed and commercialised a proprietary range of smart home technology solutions, the Vendors sought a strategic or financial acquirer with the resources and capabilities to lead the Business through its next phases of growth and expansion.

Johnsons’ marketing campaign, based on custom research, spanned the Australian and selected overseas markets – targeting vendors of similar technologies as well as organisations in adjacent sectors and financial buyers investing in the mid-market space. Within 12 weeks of going to market, Offer & Acceptance was secured with iZone’s preferred buyer. After the successful completion of the strongly synergistic acquisition, Rinnai’s Australian general manager, Dan Tosh, commented: “Rinnai can now work towards delivering a seamless HVAC solution and after-sales support of equipment and controls.”