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April 30, 2019

LUVE FINALIZES THE CLOSING OF THE ACQUISITION OF AIR HEAT EXCHANGER DIVISION OF ALFA LAVAL

Uboldo (Varese), 30 April 2019 – LU-VE Spa (BIT: LUVE), announced today the completion of its previously disclosed agreement to purchase the air heat exchanger division of Alfa Laval (“AL Air”). The agreement to acquire the company was announced on 12 December 2018.

The purchase price is € 67.1 million – debt and cash free – and subject to review of 2018 EBITDA and customary post-closing adjustments.AL Air is a leading manufacturer of commercial and industrial coolers, primarily for the industrial cooling and industrial refrigeration markets. In 2018, AL Air had sales of € 108.1 million, EBITDA of € 10,3 million and EBIT of € 9.1 million.

At closing 65% of the purchase price was paid. 15% of the purchase price will be paid by30 April 2020 and the remaining 20% within 12 months from closing, based on EBITDA 2019.

The acquisition of AL Air (headquartered in Alonte, Vicenza) includes the premises in Italy, Finland and India, with a commercial organization throughout the world, as well as recognized historical brand names such as Fincoil and Helpman. The acquisition includes also the transfer of more than 400 employees mainly based at the production sites. The employees will continue their employment in the LU-VE Group as per the closing date.

The President of LU-VE Iginio Liberali declared: "This acquisition is the largest ever concluded by LU-VE Group. Thanks to it, the Group is now amongst the three largest global operators in the sector and the second in Europe. The acquisition is part of our strategic design of growth and qualification. This acquisition also has the sense of maintaining in Italy the research and manufacturing of the most advanced products, in terms of the application of ‘green’ refrigerants, energy savings and respect for the environment".

On 6 May (3:30 p.m.), the CEO of LU-VE Group, Dr. Matteo Liberali, will present the acquisition during a conference call.

More information:
LU-VE SpA
Investor relations
investor.relations@luvegroup.com
T + 39 02 967 161

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