- Strategic add-on for Balcke-Duerr to broaden the addressable market in the chemical and petrochemical industries
- Loterios produces pressure components in special materials
- Signing and closing of the acquisition successfully completed
Munich/Milan, February 5, 2020 – Balcke-Duerr Group, a portfolio company of turnaround investor Mutares (ISIN: DE000A2NB650) focused on solutions for energy efficiency and emission reduction for utilities and the chemical industry, has signed and completed the acquisition of Loterios s.r.l and is thus further expanding its Italian business, following the acquisition of the heat exchanger division of STF in 2018.
Newly acquired Loterios designs and manufactures pressure equipment in special materials, notably Titanium, for a variety of industries. The company is located in Gerenzano, Italy, and employs c. 70 people. In 2019, the company realized revenues of EUR 17 million. For Balcke-Duerr, this add-on acquisition will provide valuable synergy effects through a broader product portfolio, cross-selling opportunities from combined customer bases as well as considerable gains in production efficiency. The transaction represents already the fourth bolt-on acquisition since the Group has successfully completed a turnaround two years ago and started to implement a growth strategy.
Robin Laik, CEO of Mutares, comments: “We are very pleased about the acquisition of Loterios. The deal will help our portfolio company Balcke-Duerr Group to further accelerate growth and provide valuable potential of cost synergies and cross-selling potential.”
Company profile of Balcke-Duerr Group
With more than 130 years of experience, the Balcke-Dürr Group offers innovative solutions to increase energy efficiency and reduce emissions for utilities and the chemical industry, ranging from standard modules to complete thermal systems. Balcke-Dürr’s experienced engineers are specialized in solutions that meet the highest safety and sustainability requirements. The product portfolio includes heat exchangers, filter systems for flue gas cleaning and maintenance services. At its production sites in Germany, Italy and China as well as its seven service, engineering and sales centers in Germany, Italy, Poland, India and France, the Group employed approximately 600 people in 2019 and generated consolidated sales of approximately EUR 160 million.
Company profile of Mutares SE & Co. KGaA
Mutares SE & Co. KGaA, Munich (www.mutares.de), acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company. In 2018, Mutares’ portfolio companies generated consolidated revenues of EUR 865 million and employed more than 4,700 people worldwide. The shares of Mutares SE are listed on Frankfurt Stock Exchange under the ticker symbol “MUX” (ISIN: DE000A2NB650).