SAFE S.p.A., a company of the SAFE&CEC Group, controlled by Landi Renzo S.p.A., finalized the acquisition of a 90% interest in the share capital of Idro Meccanica S.r.l., a leading company in the production of innovative technologies and systems for hydrogen, biomethane and natural gas compression. The remaining 10% stake in the share capital of Idro Meccanica will be transferred to SAFE S.p.A. once the necessary authorizations to sell have been obtained from a shareholder.
The equity value agreed upon for the acquisition of 100% of the share capital of Idro Meccanica amounts to €6,400,000.
With revenues of approximately €6.5 million in 2021, of which over 40% generated by the sale of hydrogen-based applications, and an adjusted EBITDA of 10%, Idro Meccanica is specialized in hydraulic-driven compressors for biomethane and hydrogen applications. Today, Idro Meccanica is a leading company in the hydrogen compressor supply segment, with a fleet of installed hydrogen compressors of around 150 units in both distribution and industrial applications. Its customers include the main hydrogen production and distribution operators, with a full range of products and applications for managing hydrogen compression up to 700 bar.
“We are very satisfied with the transaction that has just been finalized and to welcome within our Group Idro Meccanica, which stands out for its highly innovative and appreciated product range in addition to a team of high-standing professionals on which we strongly believe. This transaction adds to the acquisition of Metatron, and enables our Group to become a main player in the hydrogen compression industry, in which we believe and that we expect will see significant growth in investments in the coming years. The acquisition also confirms our intention to become leader in the value chain of biomethane and hydrogen, two clean, rapidly growing ‘energy sources’ which will play a fundamental role in the energy transition of the future,” said Cristiano Musi, CEO of Landi Renzo Group.
SAFE S.p.A. funded this transaction through the issue on December 30, 2021 of a non-convertible senior bond with a total nominal amount of €7,000,000, bearing interest at a fixed rate and set to mature on August 31, 2027, fully subscribed by the closed-ended mutual fund reserved for professional investors PMI Italia II, managed by Finint Investments SGR.
Based in Cavriago (Reggio Emilia), Landi Renzo is the global leader in the CNG, LNG, hydrogen and LPG fueled components and systems, and has over 60 years’ experience in the sector. SAFE S.p.A., founded in 1975, is a technology company that provides compression and decompression solutions for natural gas, biomethane and hydrogen in the automotive, industrial and commercial sectors, at both the national and international levels. Idro Meccanica, founded in the late Sixties by the Gozzi family, is a world-leading supplier of innovative solutions for compressing methane, biomethane, hydrogen and nitrogen.
Source: Landi Renzo Group
