The binding agreement has been signed for the sale of 75% of the share capital of the company founded by Daniele Stolfo who retains the position of Chief Executive Officer, heading the Group’s current management team and becoming part of the Product Development Committee of the company listed on the stock exchange
Refrion, a reference point in the world of refrigeration for the industrial, energy and data centre process, becomes part of the Lu-Ve Group: today the binding contract for the acquisition of 75% of the share capital of the company based in Flumignano (Udine) was signed. The agreement provides for the remaining 25%, currently owned by Refrion founders Daniele Stolfo and Felix Siegfried Riedel, to be acquired by Lu-Ve within the next five years. Closing of the operation is expected within the next few weeks.
Listed on the Milan Stock Exchange since 2015, Lu-Ve Group, thanks to a product turnover of €483.1 million in 2021, is one of the world’s leading manufacturers in the sectors of air, static and ventilated heat exchangers for the refrigeration, air conditioning and cooling of industrial processes, with production plants in Europe, Russia, China, India and the United States.
The desire to venture on a path of continuity and further professional growth for its collaborators and with the goal of being able to offer its customers the strength and technical expertise of a world leader in the field of air exchangers, as Lu-Ve proudly claims to be. These are the reasons that led Daniele Stolfo, precisely after twenty years from the founding of Refrion, to accept the acquisition offer received from Lu-Ve, maintaining the position of Chief Executive Officer at the head of the Group’s current Management team and, at the same time, becoming part of the Product Development Committee of the LU-VE Group.
SME of excellence in Italy’s North East productive territory, in the 2021 financial year, the Refrion Group tabled a consolidated turnover of 26 million Euro with an EBITDA adjusted by € 2.7 million worth of extraordinary items, and a pre-tax profit and extraordinary costs of € 0.6 million. The adjusted net financial position as at December 31, 2021, had a negative €8.9 million result. The company exports about 90% of its production mainly to European markets.
An innate capacity for product innovation, sensitivity to environmental issues and specialisation in the field of air heat exchangers with adiabatic technology, all lead to a reduction in energy consumption, water and noise emissions. Then, again: one of the largest privately owned climatic chambers in Europe and an established activity in the field of heat exchangers for nuclear plants. These are the characteristics that have allowed Refrion to distinguish itself on the European market of civil air-conditioning and data centres, process cooling and industrial refrigeration, and that have made it attractive to Lu-Ve Group which, with this operation, intends strengthening its presence in the field of advanced air heat exchangers.
Dr. Iginio Liberali, Chairman of LU-VE Group, states: “Refrion’s particular attention to the reduction of environmental impacts is in line with the strategy of the LU-VE Group, which since its foundation has adopted technological solutions and created ‘green pooling’ products. The transaction is part of the Group’s strategy to strengthen its presence in the most qualified and advanced sector of large heat exchange”.
Daniele Stolfo, CEO of Refrion, comments: “To continue the growth path we have always imagined for Refrion, it is with satisfaction that we take this opportunity today to become part of a group like Lu-Ve, sharing as we do, both vision and ethical values. With twenty years of activity, and thanks to the collaboration and commitment of a highly qualified team, we have achieved important technological goals and ambitious commercial targets.”
Stolfo continues: “We have shared with Lu-Ve an industrial plan that will make Flumignano di Talmassons, the Friulian town that has always hosted us, the production hub of adiabatic coolers. It is here that we intend to develop further specialities of excellence such as in the nuclear sector, which is now very topical. The future of Refrion lies with its entry into a new and prestigious dimension, further involving its valued collaborators and guaranteeing customer continuity, technical competence and distinctive production excellence.”
During negotiations, Refrion was supported by STPG – Scouting Tra Partners Group, an independent international company active in Corporate Finance and the Family Office, as financial advisor during the proceedings, with a team led by Executive Director Roberto Francani and with the support of Associate Director Elena Montibeller and Managing Director Dino Orlandini.
With regard to the legal advisory service, Refrion was assisted by Greco Vitali Associati Studio Legale, with a senior team formed by partner Matteo Vitali and associate Matteo Miramondi.
Advisor for the tax aspects and support for the financial plan was STUDIOPROF.IT, accountants and labour consultants, with a team led by Franco Rossit.