Ambienta sells Spig to US-listed B&W

The deal is based on an enterprise value of €155m and will be funded primarily by B&W's balance sheet cash.

The offer came after the company's shareholders had published an intention to float in April for the company's ordinary shares on the Mercato Telematico Azionario segment of the Italian stock exchange. According to Ambienta managing partner Nino Tronchetti Provera, the buyer presented a business plan for Spig that convinced the shareholders to ditch the company's IPO plans.

As part of the deal, the target will operate as a standalone entity under its new owner, trading as Babcock & Wilcox Spig and maintaining its headquarters in Italy.

Spig's existing management team will continue to lead the company.

Previous funding
In June 2010, Ambienta acquired a 30% stake in the company for €30m through its Ambienta I fund, with Spig's owning family retaining a 70% stake. During the six-year holding period, the company expanded its business into North America and Asia.

Company
Founded in 1936 and headquartered in Arona, Spig manufactures wet, dry and mixed cooling systems for industrials. The company also offers maintenance, monitoring and diagnostic services on systems realised by both Spig and third parties.

The company generated €168m of revenues and €16m EBITDA in 2015 and employs 250 people across its production plants in Italy, the US, Brazil, China, Korea, Germany, India, Russia, Turkey and the United Arab Emirates.

People
Ambienta – Nino Tronchetti Provera (managing partner).
Babcock & Wilcox Enterprises – James Ferland (chair, COO).
Spig – Ferdy Mosiewicz (chair).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Industrials
• Southern Europe
• Italy
• Ambienta