EQUITA assisted Ambienta

EQUITA K Finance - Mid-market M&A advisory
AmbientaCalpeda 1920x1080
AmbientaCalpeda 1920x1080

Ambienta SGR SpA (“Ambienta”), one of Europe’s largest asset managers entirely focused on environmental sustainability, announces that Calpeda SpA (“Calpeda”), a leading global manufacturer of pumps, motors and systems for the integrated water cycle, is joining its platform company Wateralia SpA (“Wateralia”).

With the industrial integration between Calpeda and Caprari SpA (“Caprari”), whose acquisition was performed in February 2021, Wateralia is now structured to become one of the largest independent European players in the electric pumps and pumping systems industry for the integrated water cycle.
Equita K Finance is particularly proud to have been at Caprari’s side in the deal with Ambienta to create Wateralia and to have then assisted Wateralia in the integration deal with Calpeda.
Due to the increasing need for efficient water supply and distribution for both civil and industrial daily use, the water management industry is strongly affected by long-term sustainability trends, with clear growth potential in both developed and emerging markets. Water scarcity is one of the largest issues the world is facing today, affecting food supplies, health and economic prosperity, with a direct impact on the natural environment and climate.

Through this synergic acquisition, Wateralia will further expand its product range and commercial reach and operate in a large global market estimated to be worth over EUR 21 billion – backed by attractive fundamentals and solid annual growth of 3-4%. With an integrated business model and almost 1,000 employees, Wateralia will count 24 international subsidiaries with direct presence in 19 countries, a comprehensive product range of c. 7,000 SKUs and almost 10,000 customers in various sectors, among water infrastructure, industry, agriculture, domestic and residential, and building services.

 

Within the transaction Wateralia once again availed itself of a sustainability-linked loan (‘SLL’), which allows the group to benefit from a reduced cost of the loan upon achievement of pre-established ESG and sustainability targets. Ambienta was supported by Roland Berger (business due diligence), PwC (financial, tax and ESG due diligence), FRM studio legale tributario (structuring), Linklaters (legal advisors) and Equita K Finance (Clairfield Italy) (M&A advisor). Calpeda was supported by Lazard (M&A advisors) PwC (financial and tax due diligence, legal advisors) and Legalitax (Legal advisors).

Renzo Lorenzi, Chairman of Calpeda, said: “Our mission is to provide people with water on an increasingly distressed planet without wasting resources. We shared this proposal with Caprari and Ambienta, a company with sustainability imprinted in its DNA, and we created Wateralia, a group that aims to bring together Italian excellences in the field and create economic, social and environmental value. Armed with a common vision, Calpeda, Caprari and Ambienta will be able to make a difference, preserving the most precious asset we have, water.

Alberto Caprari, Chairman of Caprari, said: “Sometimes dreams do come true if you work on them relentlessly, with dedication and a long-term vision. The Calpeda and Caprari merger is a unique combination of perfectly complementary companies that naturally share a strong brand heritage, a passion for technology and a special flair for customer service. Caprari and Calpeda have been looking at each other with respect and appreciation for decades, and now these companies can work together in perfect synergy. I like to think of this as a fundamental first step in the history of Wateralia, our industrial holding company created to better serve water for mankind”.

Federico De Angelis, CEO of Wateralia, commented: ‘The acquisition of Calpeda is a milestone for Wateralia. Calpeda and Caprari together represent a powerful business combination: two highly complementary brands with a long history, a strong reputation and a comprehensive product offering. As a team, we are extremely excited and will do our best to unleash their full potential, leveraging the deep industry knowledge and entrepreneurial behaviour inherent in their DNA.”

Mauro Roversi, Founding Partner and Chief Investment Officer of Ambienta, commented: “Calpeda fits perfectly into both Ambienta’s investment portfolio and Wateralia’s strategic mission, given its focus on water as a vital natural resource, whose efficient use and distribution are constantly being challenged. Through the combination of Caprari and Calpeda within Wateralia, we will be in a leading position to further expand both through synergies and consolidation opportunities in the sector. Similarly to the Caprari family, we are extremely proud that the Mettifogo and Majolo families have decided to join Ambienta and achieve the next phase of growth and success”.

The transaction in a nutshell

2022 07 Tombstone Ambienta Calpeda Caprari

The opportunity now opens up for Wateralia to grow in size and market share in the water pump industry.

Client:
Ambienta SGR SpA
Date:
July 2022
Mandate:
Ambienta SGR SpA announces the entry of Calpeda SpA, a global manufacturer of pumps, motors and systems for the integrated water cycle, into its platform company Wateralia SpA.
Role:
Financial Advisor
Value:
Undisclosed
Typology:
M&A advisory
Advisor:
EQUITA Mid Cap Advisory

The company

Founded in 1959 by Vinicio Mettifogo and headquartered in Montorso Vicentino, Italy, Calpeda has a broad product portfolio, mainly focusing on centrifugal pumps, multistage pumps, submersible and borehole lines, as well as self-priming and peripheral pumps. With two Italian production sites, 14 international subsidiaries and almost 500 employees, Calpeda is a global water pumps and systems brand selling its products in more than a hundred countries. The company, with its strong commitment to research and development, has a leading role in promoting a sustainable growth of the water industry.

Thanks to Ambienta’s support, Wateralia records more than €220m in sales and almost €40m EBITDA and it will have the opportunity to organically grow its size and market share in the water pumps sector as well as continue the consolidation process through additional strategic acquisitions, to enter new geographies and adjacent water sectors. Similarly to Caprari, also Calpeda’s families will retain a qualified stake in Wateralia, with Renzo Lorenzi serving as Chairman of Calpeda.