LU-VE GROUP SIGNES A STRATEGIC AGREEMENT WITH SYSTEMAIR AB
LU-VE Group, one of the major manufacturers in the world in the air heat exchanger field listed on the Euronext Milan, announces entered into strategic agreements with Systemair AB.
LU-VE GROUP SIGNES A STRATEGIC AGREEMENT WITH SYSTEMAIR AB
- LU-VE Group will sell to Systemair its entire business for indoor close control air conditioning units.
- LU-VE Group and Systemair will sign a long-term supply agreement for heat exchangers coils.
- LU-VE Group and Systemair will continue to grow their cross-selling activity related to the indoor and outdoor unit for data centers.
Uboldo, 31 January 2022 – LU-VE Group, one of the major manufacturers in the world in the air heat exchanger field listed on the Euronext Milan, announces entered into strategic agreements with Systemair AB.
The agreement provides that LU-VE Group will sell its 80% participation in Tecnair LV S.p.A., which includes its entire business of indoor units for close control applications such as operating theatres and data centers.
The management of Tecnair LV will sell to Systemair the remaining 20% of Tecnair LV and will continue to manage the company.
In 2021, Tecnair LV had sales of € 12.0 million with an EBITDA of € 1.2 million and a positive net financial position adjusted of € 1.2 million.
The agreed price for the transaction is € 16.2 million. The purchase contract includes representation and warranties customary for this kind of transaction on the international markets.
Thanks to this deal LU-VE Group and Systemair will enter into a long-term global agreement for the supply to Systemair of heat exchangers coils and related products.
At the same time LU-VE Group and Systemair will continue to expand their cross-selling activity related to close control air conditioning units.
LU-VE Group will continue its fast-growing cooling systems business for data centers, where LU-VE Group achieved outstanding results in recent years, thanks to pivotal technological developments.
The transaction is subject to the obtaining of clearance by the competent regulatory authorities pursuant to “golden power” regulations in Italy.
The President of LU-VE Group Iginio Liberali said: “ I’m pleased to announce the signing of this transaction. I am confident that Tecnair LV will have even better opportunities to continue developing under the ownership of Systemair and at the same time this transaction creates a new promising cooperation with an important group such as Systemair. I would like to thank all the Tecnair LV team members for their hard work and commitment during the LU-VE tenure.”
LU-VE Group , listed on the Milan Stock Exchange since 2015, is one of the major manufacturers in the world in the air heat exchanger field. It operates in various segments of the market: refrigeration; process cooling for industrial applications and power generation; air conditioning; glass doors and closing systems for refrigerated counters and cabinets; IoT mirrors for special applications. The Group has production facilities in Europe, Russia, USA, China and India. In 2021, LU-VE Group had sales of product of € 483 million and employs approximately 4,200 people.
Systemair is a leading ventilation company with operations in 54 countries in Europe, North America, South America, the Middle East, Asia, Australia and Africa. The Company had a turnover of SEK 8.5 billion in the 2020/21 financial year and employs approximately 6,500 people. Systemair helps to improve the indoor climate with the help of energy-efficient and sustainable products that reduce carbon dioxide emissions. The Group's products are marketed under the Systemair, Frico, Fantech and Menerga brands. Systemair shares are quoted on the Large Cap List of the Nasdaq OMX Nordic Exchange in Stockholm, Sweden.
MGPE S.r.l. acted as financial advisors to LU-VE Group.