A PRELIMINARY AGREEMENT SIGNED FOR THE ACQUISITION OF 100% OF ITR SRL AND ECO MANUTENZIONI IMPIANTI SRL IN ROME
Pescarolo ed Uniti (CR) – August 1, 2024 – Lindbergh S.p.A. (EGM:LDB), a group that operates in the MRO (Maintenance, Repair and Operations) industry in both Italy and France, providing logistics services for technical support networks, waste management/circular economy services and operating in the HVAC (Heating, Ventilation, Air Conditioning) industry, announces today the signing, through its subsidiary SMIT Srl, of the preliminary agreement for the acquisition of 100% of the companies ITR Srl and Eco Manutenzioni Impianti Srl, both operating in the province of Rome.
Specifically, ITR Srl, based in Ciampino (RM), has been active since 1999 in the repair, maintenance and service of heating and air conditioning systems. Also in Ciampino, Eco Manutenzioni Impianti Srl, which is 45% owned by ITR, has been installing, maintaining and repairing heating, air conditioning and refrigeration systems since 2013.
The transaction strengthens Lindbergh’s market positioning in technical assistance and installation services in the plumbing and heating sector. After the recent acquisitions of Vergottini Srl and EPS Srl in Lombardy, this is, indeed, the first acquisition in the Lazio region, a very interesting area to preside over for business development.
As of December 31, 2023, the two companies had a total turnover of 3.1 million euros and an EBITDA of about 560,000 euro.
As with previous acquisitions, Lindbergh will be committed to maintaining all contractual rights accrued by the employees of the two companies, who will remain in place and help meet the growing demands of the market and benefit from the synergies given by the integration with the Group. The current shareholder and director will be reappointed, at least for the next two years, to lead the companies and will also make an important contribution to the development of the Group’s industrial project.
Details of the transaction
The Transaction, expected to close by the end of January 2025, has a total value of € 2.6 million (plus NFP and Net Working Capital valued as of the “Closing” date), which will be paid as follows:
€318,000 already paid in cash at the signing of the preliminary agreement as a down payment, €1,182,000 at the closing in cash, NFP + Net Working Capital valued as of the “Closing” date will be paid in cash within 90 days from the date of the closing and the remaining €1,100,000 divided into 22 monthly installments of €48,000 (starting in February 2025) and a final installment of €44,000, all again paid in cash.
The selling parties were assisted by Good Finance as financial advisor and Heussen Firm as legal advisor.
It should be noted that the transaction is not to be considered significant under Article 12 of the Euronext Growth Milan Issuers’ Regulations.