(Finance) – CAREL Industriesa group listed on Euronext STAR Milan and active in the production of components to achieve high energy efficiency in the air conditioning and refrigeration markets, has signed a binding agreement for the acquisition of SENVAa US company based in Oregon specializing in the design and production of a wide range of sensors mainly related to the air conditioning and ventilation sectors, with a significant presence in indoor air quality.
The operation allows the acquisition of market shares and a further industrial presence in a strategic market such as the North American one. Furthermore, it is about the first acquisition of an industrial nature in the United Stateswith opportunities in terms of cross-selling Europe / North America and the opening of sales channels that are historically less manned, such as that of contractors.
The acquired company has a production plant of approximately 2,500 square meters and the commissioning of a new larger plant (3,250 square meters) is underway, including a new research laboratory. THE employees at the end of 2021 there were about 65. I revenues of SENVA as of December 31, 2021 amounted to approximately 12.7 million dollars, with a growth of 24% compared to the previous year (and more than double compared to what recorded in 2016), with a EBITDA equal to 2.4 million dollars.
“We are particularly proud of the transaction concluded today because it represents the first industrial acquisition in the American continent and once again confirms our commitment to pursue external growth objectives, a commitment that has undergone significant over the last 18 months acceleration, “he commented Francesco Nalini, managing director of the CAREL Group.
The transaction takes place against a total value equal to 34 million dollars. An additional payment of up to $ 4 million is also expected upon achieving certain EBITDA results, for a potential aggregate value of $ 38 million. The refinement of the closing is expected by the end of October 2022 and is subject to the conditions precedent characteristic of this type of agreement. For the purpose of paying the purchase price, CAREL is expected to use available financial resources.