Spig, an Arona, Italy-based global provider of custom-engineered cooling systems and services, will be bought by Nyse-listed US Babcock & Wilcox Enterprises, a global leader in energy and environmental technologies and services for the power and industrial markets (see here the press release).
Spig had filed for listing on the Italian Stock Exchange last April 1st so the company is now recalling the filing (see here a previous post by BeBeez).
Sellers are Ambienta I, a private equity fund managed by Ambienta sgr, and the Mosiewicz family, who signed an agreement with B&W on the basis of a 155 million euros enterprise value for Spig. Ambienta sgr invested 30 million euros back in 2010 in Spig for a 30% stake in Spig. The closing of the deal is expected by the end of Q3 2016.
Spig’s product offering includes air-cooled (dry cooling) systems, mechanical draft wet cooling towers and natural draft wet cooling hyperbolic towers. Spig also provides end-to-end aftermarket services, including spare parts, upgrades/revamps for existing installations and remote monitoring. The company reached 168 million euros in revenues in 2015 and employs approximately 250 people in Italy, the United States, India, Turkey, China, Russia, Brazil, Germany and South Korea.
Spig will operate as a subsidiary of B&W under the trade name of Babcock & Wilcox Spig. Its management team will continue to lead the company, which will maintain its headquarters in Arona.
With headquarters in Charlotte, North Carolina, Babcock & Wilcox employs approximately 5,700 people around the world and has a market capitalization of more than one billion dollars.