(Finance) – LU-VE Groupone of the world’s leading manufacturers of air heat exchangers, listed on Euronext Milan, announces that today it has perfected the acquisition of the 75% of the Refrion groupa company specializing in the production and marketing of
air heat exchangers, with adiabatic technology, which allows reductions in energy consumption, water and noise emissions.
The consideration paid for 75% of Refrion. financed through cash and cash equivalents of LU-VE, it is equal to 8.1 million, or 7.35 times the average adjusted EBITDA of the years 2020 and 2021, net of the net financial position as at 31/12/2021.
Founded in 2002 by Daniele Stolfo, Refrion has always stood out for the innovation of its products. In the 2021 financial year, the Refrion group achieved a consolidated turnover of 26 million with an EBITDA adjusted for extraordinary items of 2.7 million, and a pre-tax profit and extraordinary costs of 0.6 million. The adjusted net financial position at December 31, 2021 was negative for € 8.9 million.
The remaining 25% of the share capital will remain the property of the founder Daniele Stolfo and Felix Siegfried Riedel, one of the main managers of the Refrion Group. The transaction provides for an option to purchase 25% within five years