Nexans enhances portfolio in Europe with an agreement to acquire iconic La Triveneta Cavi
09 Febbraio 2024 - 12:00PM
Nexans enhances portfolio in Europe with an agreement to acquire
iconic La Triveneta Cavi
_PRESS
RELEASE_
- Nexans has taken a
significant leap forward in its electrification strategy by signing
an agreement to acquire the iconic Italian company La Triveneta
Cavi, with recognized excellence in the European medium- and
low-voltage cable segments, employing 700 people across 4
production units and generating above 800 million euros in
sales.
- The Group will leverage its
integrated business model and proven integration capabilities to
accelerate La Triveneta Cavi’s growth in the building wire,
fire-retardant and renewable energy
sectors.
Paris, February 9, 2024 —
Nexans, a leader in the global energy transition, today announces
the signing of a landmark agreement to acquire iconic La Triveneta
Cavi, with recognized excellence within the European medium- and
low-voltage segments. Based in Italy, La Triveneta Cavi primarily
manufactures low-voltage cables for building, infrastructure,
fire-retardant cable systems and renewable applications across 30
countries.
Founded in 1965 by Ermenegildo Scalabrin,
Gastone Massignan and Bruno Gobetti, the company employs a
workforce of approximately 700 people and generated current
revenues of more than 800 million euros over the last twelve
months. La Triveneta Cavi operates a vertically integrated and
best-in-class industrial footprint in Italy, including three cable
production units featuring efficient logistical capabilities in
Brendola and Tolentino, as well as one in-house copper drawing
facility in Montecchio Maggiore.
Outstanding strategic benefits of this
transaction include:
- Strategy
execution: The proposed acquisition is a significant leap
forward in Nexans’ strategy to become an electrification pure
player, adding a widely recognized player with a long standing
tradition of best-in-class innovation and industrial platforms, as
well as a highly experienced management team with a strong track
record.
- Customers
benefits: Enhancing Nexans’ building cable portfolio to
address the major market shift toward fire safety: global demand
for fire safety cables is expected to grow at a c.+13% CAGR over
the 2021-2030 period. Demand will continue to be supported by new
safety regulations, electricity demand growth, and new build and
renovation trends. Nexans will further develop La Triveneta Cavi’s
experience in fire-retardant capabilities to expand the Group’s
global fire safety offer.
- A high-value transaction
for Nexans’ shareholders: The addition of La Triveneta
Cavi will generate synergies and thereby value for shareholders.
These synergies are expected to be captured through the integration
of La Triveneta Cavi’s operations into Nexans, along with the
deployment of Nexans’ proven proprietary programs, SHIFT
Performance and SHIFT Prime, to enhance customer centricity and
value-added solutions.
The transaction represents an acquisition
multiple of 5.6x La Triveneta Cavi’s 2023 EBITDA pre-synergies and
4.6x post-synergies and will be high-single-digit accretive to
earnings per share (EPS) from year one. Nexans’ financing of the
acquisition will have limited impact on leverage.
Christopher Guérin, Nexans’ CEO said: “The
acquisition of La Triveneta Cavi will be a major milestone in our
journey to become a global Electrification Pure Player. Italy is
the third largest economy in the Eurozone, the second largest
manufacturing economy in Europe, with high skilled talents, and
renowned excellences in Research and Development and industrial
processes. We are delighted to welcome La Triveneta Cavi’s 700
people within the larger Nexans family. La Triveneta Cavi will
bring to Nexans more than 800 million euros in sales, 4 production
units with technological platform capabilities to enhance our
product portfolio, and will enable the acceleration of new
sustainable offer launches in high-demand markets. The combination
of Nexans and La Triveneta Cavi will be a real catalysts for a
"Made in Italy” cable production in the Veneto region of Italy,
that will bring significant investment and jobs for La Triveneta
Cavi.”
Mariano Peripolli, La Triveneta Cavi’s CEO,
emphasized: “Nexans will bring significant resources to further
expand La Triveneta Cavi’s operations, most notably to accelerate
the deployment of the fire safety technology. By combining our
entrepreneurial spirit with Nexans’ pioneering and agile culture,
we are poised to drive innovation and create transformative impact.
Indeed, we are proud to have found the right partner capable of
enhancing the work done so far by our people and continuing the
development of our company.”
Closing of the transaction is subject to
regulatory approvals and satisfaction of other customary closing
conditions.
About Nexans
For over a century, Nexans has played a crucial
role in the electrification of the planet and is committed to
electrifying the future. With approximately 28,000 people in 42
countries, the Group is paving the way to a new world of safe,
sustainable and decarbonized electricity that is accessible to
everyone. In 2022, Nexans generated 6.7 billion euros in standard
sales. The Group is a leader in the design and manufacturing of
cable systems and services across four main business areas: Power
Generation & Transmission, Distribution, Usage and Industry
& Solutions. Nexans was the first company in its industry to
create a Foundation supporting sustainable initiatives, bringing
access to energy to disadvantaged communities worldwide. The Group
is recognized on the CDP Climate Change A List as a global leader
on climate action and has committed to Net-Zero emissions by 2050
aligned with the Science Based Targets initiative (SBTi).Nexans.
Electrify the future.
Nexans is listed on Euronext Paris, compartment
A.For more information, please visit
www.nexans.com
Contacts:
CommunicationMael Evin (Havas
Paris) Tel. : +33 (0)6 44 12 14
91nexans_h@havas.comEmmanuel
Guinotemmanuel.guinot@nexans.comMaëllys
Leosticmaellys.leostic@nexans.com |
Investor
relationsElodie Robbe-MouillotTel.: +33
(0)1 78 15 03 87elodie.robbe-mouillot@nexans.com |
- Nexans enhances portfolio in Europe with an agreement to
acquire iconic La Triveneta Cavi
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