The acquisition is part of Landi Renzo’s strategy aiming to widen its product range using the know-how for producing CNG fueling stations as a competitive advantage. In an industrial integration perspective, the Italian company believes that the fuelling station business could develop in line with the spread of CNG in the transport industry and could even boost the latter’s growth.
The consideration paid amounted to approximately €3.5 million, compared to initial estimates of €10 million (€8 million for inventories and €2 million for other assets, and including also liabilities amounting to €500,000). The reduction is mainly due to the decrease in the value of inventories over the business branch lease started on 18 July 2012.
The Company used its financial resources for the acquisition. During the transaction, Landi Renzo was assisted by Studio Legale Bassi & Terzi, Studio Oliva, Analisi
S.p.A. and Mediobanca S.p.A in their capacity as legal, tax, accounting and financial consultants, respectively.
Source: Landi Renzo.
