• Milan, February 25, 2022Refrion S.r.l. (“Refrion”), an Italian company specializing in the production and marketing of air heat exchangers, has signed a binding agreement to sell 75% of its share capital to LU-VE Group, one of the world’s leading manufacturers in the air heat exchanger sector, listed on Euronext Milan. The agreement also includes an option to purchase the remaining 25%, exercisable within the next five years.
  • The agreed consideration for 75% of Refrion, to be paid at closing and financed through LU-VE Group’s cash and cash equivalents, is €8.1 million, or 7.35 times the average adjusted EBITDA for the years 2020 and 2021, net of the net financial position as of 31/12/2021. The transaction includes representations and warranties usual for this type of transaction in international markets, combined with escrow agreements.
  • In fiscal year 2021, Refrion achieved consolidated sales of €26 million with EBITDA adjusted for extraordinary items of €2.7 million and earnings before taxes and extraordinary costs of €0.6 million. The adjusted net financial position as of December 31, 2021 was negative €8.9 million.
  • In the transaction, Refrion was assisted by STPG, through STPG – Scouting Capital Advisors as financial advisor of the operation, with a team led by Executive Director Roberto Francani and composed by Associate Director Elena Montibeller and Managing Director Dino Orlandini.
  • As far as legal advisory is concerned, Refrion was assisted by Greco Vitali Associati Studio Legale, with a senior team formed by Partner Matteo Vitali and Associate Matteo Miramondi, while advisor for the fiscal aspects and support to the financial plan was, accountants and labour consultants, with a team led by Franco Rossit.
  • In the transaction LU-VE Group was assisted by MGPE Srl as financial advisor and by Studio Biscozzi Nobili Piazza as legal advisor.
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