Clearwater International advises the shareholders of Mieci and Evolve on the sale of a majority stake to Snam
Clearwater International advised the shareholders of Mieci SpA and Evolve Srl on the sale of a 70% stake to Snam.
Snam, through its fully owned subsidiary Snam4Efficiency S.r.l., has signed a binding agreement for the acquisition of a 70% stake in Mieci and Evolve, two leading companies in the Italian energy efficiency sector who in 2019 reported combined revenues of €60.5m and an EBITDA of €11.8m.
Founded at the end of the ‘90s and based in Milan, Mieci and Evolve are recognised Energy Service Companies (ESCo) providing technological services in the energy efficiency sector in Italy.
Mieci operates as a qualified general contractor developing energy solutions dedicated both to private and public customers, particularly hospital, residential buildings and public administration customers. The company also operates in the public lighting sector in northern Italy.
Evolve designs, installs and manages integrated energy efficiency solutions for residential and public buildings, provided through Energy Performance Contracts (EPCs) that allow an even split of energy savings between the company and its customers.
This initiative is part of Snam’s strategic plans aimed at facilitating decarbonisation and better energy use in the areas in which it operates through the development of new energy transition businesses. Through the Snamtec project, launched in 2018 and increased in the 2019-2023 Plan, Snam has boosted investments for energy transition, focused on technological initiatives, innovation, and R&D supporting large national and international networks, and green economy businesses, such as sustainable mobility, renewable gas, hydrogen, and energy efficiency.
This partnership will allow Mieci and Evolve to accelerate the growth process in the energy efficiency sector in Italy developing technological solutions and services both for residential and commercial buildings as well as public administration.
The acquisition is expected to be completed at the end of October 2020 and is subject to clearance from the Italian competition authority.