CAREL signs a binding agreement to purchase 70% of the share capital of Sauber S.r.l.

CAREL Industries S.p.A. announces that a binding agreement for the acquisition of 70% of the share capital of Sauber S.r.l. ("Sauber"), a company based in Porto Mantovano (Mantua) active mainly in the sector of on-field installation and maintenance services for HVAC/humidification systems in commercial and residential buildings, with a strong focus on energy efficiency.

Sauber S.r.l, founded in 1993, now employs 55 people and has always presented itself to the market as an innovative organization, capable of managing facilities, maintaining buildings and providing advanced energy management services. 
During 2021 Sauber reported revenues of 7.6 million euros, EBITDA of 0.8 million euros and a net financial position of 0.8 million euros.

The integration with Sauber will allow CAREL to acquire important know-how thanks to the competent and dedicated resources in the company based in Lombardy. It will also enable significant business synergies by combining the Group's large customer base and the increased ability to offer direct on-field service.

With the transaction, Carel takes over control of Sauber through the acquisition of 70% of its share capital against an enterprise value of the interest of 3.6 million euros.

Closing is expected by June and is subject to the conditions precedent typical of this type of agreement.

CAREL is expected to use available financial resources to pay the purchase price.

Francesco Nalini, CEO of the CAREL Group, commented: "Today's transaction is another important step in our M&A strategy and adds to the four industrial acquisitions made between 2018 and 2021. It also constitutes an important opportunity in the service sector, among the strategic drivers of development for CAREL in the medium to long term. Finally, it once again confirms the Group's ability to pursue its goals consistently and promptly."