The shipbuilding group Fincantieri wants to take over the Italian engineering company Remazel and secure its capabilities in the offshore energy sector.
The Italian shipbuilding group has now set out the key terms for the acquisition of 100% of the shares in Remazel Engineering from Advanced Technology Industrial Group. The completion of the acquisition is subject to the fulfillment of certain conditions agreed between the parties. [ds_preview]
With the transaction, Fincantieri says it intends to accelerate the growth of its technology, engineering and construction expertise in the offshore and subsea sectors. “The transaction will allow the Group to acquire highly specialized skills in the construction and supply of state-of-the-art equipment for top sides, strengthening its role as a partner for major international operators in the marine and subsea energy sector. With Remazel, Fincantieri strengthens its end-to-end solutions offering while consolidating its overview of after-sales activities, with a particular focus on digital services and logistical support for high operational complexity,” it said.
“Fincantieri will thus expand its portfolio of special competencies”
Remazel, headquartered in Chiuduno (Bergamo) and with offices in Trieste, China and Brazil, has more than 30 years of experience in the industry and achieved a turnover of more than €100 million in 2022 with around 160 employees, mainly operating in Italy. The company focuses primarily on the development and supply of systems for handling, lifting and mooring through to launch and recovery solutions for subsea vessels, which are used in particular in the energy transition sectors of the offshore segment, as well as the manufacture of critical components for gas turbines.
The acquisition agreement, which is expected to be finalized by the end of the year, provides for a consideration based on an enterprise value of €78 million at closing, which is expected in the first quarter of 2024.
“Fincantieri will thus expand its portfolio of special skills and consolidate its role as a leader in the supply chain and as an aggregator, leveraging economies of scale and scope and bringing together in Italy the skills of outstanding national and international realities,” the shipbuilding group said.
“First important step in the development strategy in the offshore and subsea sector”
Pierroberto Folgiero, Chief Executive Officer of Fincantieri, commented: “The transaction represents the first important step in the development strategy in the offshore and underwater technology sector and at the same time promotes the consolidation of one of the outstanding achievements of the national industrial sector in Italy. The strong technical and technological skills of Remazel, one of the leading companies in this field, will allow the Group to consolidate its role as an integrator of complex systems and as a partner for our customers throughout the life of the vessel and its most valuable equipment.”
“The current positioning of Remazel also allows Fincantieri to strengthen its position in fast-growing sectors such as subsea operations and offshore wind power, covering the activities with the highest added value in the value chain. In particular, the subsea sector is a new geopolitical area of great strategic importance in both the civil and military sectors,” Folgiero continued.
