06/10/16

LU-VE COMPLETES THE ACQUISITION OF SPIROTECH

LU-VE S.p.A. ("LU-VE") states that it has completed the acquisition of Spirotech Heat Exchangers Private Limited ("Spirotech"), leading Indian company in the production and sale of heat exchangers. The closing concluded in conformity with that foreseen in the binding contracts stipulated last 18 September and communicated to the market on that date.

LU-VE, through its own subsidiary LU-VE India, has acquired 95% of the share capital of Spirotech, with the option to acquire the remaining 5% owned by S. Srinivasan, one of the founding partners, who maintains the role of Managing Director.

The other founding partner, R.K. Malhotra, maintains the post of President of the Board of Directors and guarantees full support for the integration of Spirotech within the LU-VE Group.

The Equity Value attributed to100% of Spirotech has been confirmed at € 33.6 million.

In the financial year ending in March 2016, Spirotech registered a turnover of approximately € 21 million, with an EBITDA of € 4.5 million and a net profit of € 2.2 million. The net funding position at 31 July 2016 was positive by approximately € 0.8 million.

"The acquisition of Spirotech enables us to further strengthen our presence in the area, as well as widen the range of applications for our heat exchangers. It will also allow some of our traditional customers to make use of services and innovative logistic solutions. – declared Matteo Liberali, CEO of LU-VE – Presentation to the market and the sector will take place on 11 October in Nuremberg during Chillventa 2016, the most important fair in the world for refrigeration and air conditioning."

MGPE S.r.l. and Translink Corporate Finance, with an international team comprising Translink India (BMR Advisor) and Translink Italy were the financial consultants for LU-VE and SSKM&CO for the Spirotech partners.

The law firms Studio Biscozzi Nobili and BMR Legal acted as legal consultants for LU-VE, and JSA for the Spirotech partners.