MT Industrial has been acquired by Rinnai Corporation

October 2025 — MT Industrial S.A.C., known as Grupo Sole, has been acquired by Rinnai Corporation, a global Japanese company in the household appliances sector, as part of its strategic expansion in Latin America.

MT Industrial is a leading Peruvian company in the household appliances sector, with 45 years of experience. Under the Sole brand, it holds a strong market share of more than 55% in water heaters, over 45% in kitchen appliances and exceeding 45% in water filters, while also expanding its presence in heating and cooling solutions. The company also owns Metusa, a leading brand in the plumbing sector with a strong presence in do-it-yourself (DIY) stores. In addition to its distribution through modern and traditional retail channels and a growing business-to-business (B2B) segment, the company operates its own flagship store network, comprising 27 Sole stores and three Metusa stores, which represents its second most important sales channel.

Headquartered in Nagoya, Japan, Rinnai is a global company with 105 years of experience in the development, manufacturing and marketing of comprehensive heating solutions. The group’s portfolio includes water heaters, kitchen appliances, air conditioning units and commercial equipment.

Our role in the transaction

Oaklins’ team in Peru acted as the exclusive financial advisor to MT Industrial’s shareholders and management throughout the transaction. The team identified and approached potential buyers; supported the preparation and execution of the sale process, including marketing materials and due diligence coordination; and advised on the negotiation of the share purchase agreement (SPA).