Snam expands further into energy efficiency in deal to acquire 70% of Mieci and Evolve for approximately €50 mn
Milan, 10 June 2020 - Snam, through its wholly-owned subsidiary
Snam4Efficiency, has signed contracts with Gemma Srl and Fen Energia SpA for the
cash-based acquisition of 70% of two companies operating in the energy efficiency sector in Italy,
Mieci SpA and
Evolve Srl, for a total value of approximately €50 million.
The transaction allows Snam to achieve a structural development of its business portfolio and as a result will substantially improve its competitive positioning in this business, acquiring new skills in energy efficiency for the public and residential sectors thanks to the partnerships with Gemma and Fen Energia, two of the main providers of energy and technological services for public bodies and private customers in Italy. In particular, the synergies between Evolve and the ESCo (Energy Service Company) TEP Energy Solution, which is already controlled by Snam, will allow the company to increase its market position in the residential sector and play a leading role in spreading energy efficiency in apartment buildings, also in the context of the new eco-bonus in Italy.
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 specializing in the management of integrated energy and technological services for hospitals and public administration buildings, for the tertiary sector and for public lighting.
Evolve offers efficiency solutions for private homes, urban districts and for public residential construction.
As part of the transaction, options will be provided to allow Snam4Efficiency to acquire 100% of both companies in the future and, for the seller, to invest in Snam4Efficiency. The completion of the transaction, after obtaining the antitrust clearance, is expected by October.
12 June 2020 - 13:12 CEST