Case Study

Termoindustriale Group has been acquired by Argos Soditic

Argos Soditic has acquired Termoindustriale Group through a full-equity management buy-out for US$7 million. The funds managed by Argos Soditic are accompanied in the acquisition of Termoindustriale by the company’s management, including CEO Walter Brovia and two other key managers, Giacomo Viberti and Walter Capponi. The management team acquired a 30% stake, underlining a high commitment to the project.

Founded in 1964, Termoindustriale has become an advanced engineering leader, focusing on the design and construction of cogeneration and tri-generation power plants from renewable sources, particularly from liquid biomass. Walter Brovia, CEO of Termoindustriale, said: "The acquisition by Argos Soditic is an important step in a development plan which aims to further boost our company in the long term. We wished to give Termoindustriale an appropriate financial and corporate structure in order to be more proactive in gaining the enormous opportunities offered by the energy sector, leveraging on the specific know-how we have developed in the renewable energy sector in over a decade. Argos Soditic is the right choice to meet our growth targets."

Created in 1989, Argos Soditic is an independent European private equity firm with offices in Milan, Paris and Geneva, wholly owned and operated by its partners. The company focuses on management buy-outs and buy-ins in small and medium-sized companies across Europe, but primarily in France, Italy and Switzerland. Through this investment, Argos Soditic intends to back the expected strong development of the business. The company will also provide an international network of business contacts and appoint senior members of the board of directors in order to boost the company’s growth. Mirco Dilda, Partner at Argos Soditic, said: "Termoindustriale is a leading Italian company featuring a high degree of technical skills operating in a high growth market and, above all, led by a highly motivated and skilled management team looking to grow both nationally and internationally. The group operates in the renewable energy business, which shows positive growth rates basically linked to the CO2 emission reduction targets, together with Italy's willingness to reduce the weight of its energy imports and its dependency on oil and gas."

Oaklins' team in Italy advised the seller in this transaction.

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KEY DEAL CONTACTS

Attilio Arietti

Italy

Managing Partner

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