Blackstone exits De Nora in €1.2bn deal

Alessia Argentieri
20 November 2020

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Blackstone has sold its 33% stake in De Nora, an Italian manufacturer of water treatment products, to energy infrastructure operator Snam.

The deal gives the company an enterprise value of €1.2bn.

Following the acquisition, Snam expects to leverage De Nora's market presence and expertise across the entire value chain, while supporting the company's commercial development.

The special situations arm of Blackstone, Blackstone Tactical Opportunities, invested in De Nora in April 2017, acquiring a 33% stake from family shareholders Federico and Michele De Nora.

Under Blackstone's ownership, the company increased its organic growth while expanding its product offering with sustainable products and patented technologies.

Company
Established in 1923 and headquartered in Milan, De Nora is a manufacturer of energy-saving and water-treatment products.

It offers insoluble electrodes for electrochemical processes as well as water filtration and disinfection technologies.

De Nora holds a 34% stake in ThyssenKrupp Uhde Chlorine Engineers, which specialises in the development, assembly and installation of alkaline water electrolysis, and chlorine and caustic soda production.

The group generates EBITDA of €90m from turnover of around €500m.

People
Blackstone Italy – Andrea Valeri (senior managing director, chair).
De Nora – Paolo Dellachà (CEO).
Snam – Marco Alverà (CEO).

Advisers
Vendor – Lazard (corporate finance); Mediobanca (corporate finance).
Acquirer – BofA Securities (financial due diligence).