Snam grows in energy efficiency: completes acquisition of 70% of Mieci and Evolve
Milan, 5 October 2020 - Snam, through its wholly-owned subsidiary Snam4Efficiency, today completed the acquisition from Gemma Srl and Fen Energia SpA of 70% of Mieci SpA and Evolve Srl, following receipt of antitrust clearance. Both Mieci and Evolve are companies active in Italy in the energy efficiency sector.
The transaction, announced on June 10 th, has a total value of approximately €50 million.
Through these acquisitions, Snam substantially improves its competitive positioning in the business, integrating new skills in energy efficiency activities for both the public and residential sectors thanks to the partnerships with Gemma and Fen Energia, which are among the main national operators in technological and energy services for public entities and private customers.
In the residential sector, the synergies between Evolve and the ESCo (Energy Service Company) TEP Energy Solution, already controlled by Snam4Efficiency, will allow Snam to increase its market position and play a leading role in spreading energy efficiency in Italian condominiums, particularly within the broader context of the government’s new eco-bonus scheme.
The two companies’ activities relating to the transaction generated total revenues of €60.5 million and an EBITDA of €11.8 million in 2019.
Mieci is an operator specialized in the management of integrated energy and technology services for hospitals and public administration buildings, for the tertiary sector and public lighting.
Evolve offers integrated efficiency services for private condominiums, urban districts and public housing.
As part of the transaction, options are provided to allow Snam4Efficiency to acquire 100% of both companies in the future.
13 October 2020 - 10:29 CEST