Valvitalia spa, an Italian leading manufacturer of valves and other equipment for the oil & gas, power, water transmission and defense industries, announced yesterday that it acquired Como-based Silvani srl from US Nyse-listed United Technologies Corporation, a leading provider to the aerospace and building systems industries worldwide (download here the press release).
Founded in 1938, Silvani engineers and produces fire fighting systems and operates in the same industries of Valvitalia. Silvani has revenues of about 30 million euros and exports about 95% of its production.
Silvani’s acquisition is part of the strategic growth plan agreed between the founder Salvatore Ruggeri, major shareholder of the group through the family holding Company Finvalv, and Fondo Strategico Italiano (80% Cassa Depositi e Prestiti and 20% Banca d’Italia) which invested in Valvitalia with a stake of 49,5% in January 2014. The plan is to double the present size of the group and list Valvitalia on the Milan Stock Exchange in the medium term (download here the press release)
Valvitalia was advised by Banca Imi while Legal Counsel was Gianni, Origoni, Grippo, Cappelli & Partners. Danske Bank advised United Technologies.