Grant Thornton Financial Advisory Services has provided financial and tax due diligence services to Alperia AG in the proposed acquisition of 70% of the shares of SUM – Servizi Unindustria Multiutilities SpA.
Alperia is one of the leading multi-utility companies in Northern Italy, with consolidated revenues of over €1.1 billion and an EBITDA of around €150 million in 2017.
SUM, oa player active in the energy business, mainly in the areas of Treviso and Venice, recorded revenues of over €130 million, an adjusted EBITDA of €0.8 million and a positive net financial position in 2017.
The agreement, which allows Alperia to strengthen its presence in the North East, has been signed on the basis of a valuation of SUM of €5,3 million (100% of its Enterprise Value), plus the valuation of the equal net financial position and other items for a total of €9,1 million (100% of its Equity Value).
In addition, options are provided for the transfer of the remaining shares, representing 30% of the capital, on the approval of the financial statements as at 31.12.2021.
Closing is expected to take place in the first few months of 2019.