The acquisition is part of the plan to strengthen Sirti Group’s presence in the Energy market
Milan, 22 December 2016 – Sirti S.p.A. today announced it has completed its acquisition of all of the shares of Foi & Vitali Elettrodotti S.p.A., a company specialising in the management and maintenance of high-, middle-, and low-voltage power lines, and a supplier to the most relevant energy companies in Italy: Terna and Enel Distribuzione. With the acquisition of Foi & Vitali, which will be renamed Sirti Energia S.p.A. and will be led by Amedeo Paulone and that before the closing has received the business unit production of the Basso S.p.A. subsidiary, the Sirti Group consolidates its expertise and operational capabilities, relying today on a total of 200 specialized technicians. Furthermore, the total revenues linked to the energy sector will reach approximately €27M for the year 2016, with significant growth forecasts for 2017 in Italy and abroad.
This is a highly strategic acquisition for the Group, which has a longstanding track record in the energy infrastructure market, due to the significant synergies with its activities in implementing telecommunications networks for the Italian UBB (Ultra Broadband) Project. It is part of the plan to strengthen Sirti Group, pursued by its management as a result of the financial restructuring occurred on August 2016, which resulted in Pillarstone’s acquisition of 100% of Sirti. The operation announced today is the first acquisition made by Sirti Group for over 10 years. It marks an important turning point and shows that the new shareholder is committed to fostering Sirti’s development through both organic and inorganic growth.
“We are glad to enrich the offering of Sirti S.p.A. with the know-how and the skills of Foi & Vitali”, said Roberto Pisa, CEO of Sirti. “The integration of this company with Sirti Group will give our clients in the energy infrastructure space better value for money, in both the MT/BT and AT markets.”
Alfredo e Roberto Lazzarino, the two former major shareholders of Foi & Vitali, will retain leadership positions in Sirti Energia, assuring continuity within the company’s management team, and will personally support this important project.
John Davison, Chairman of Sirti S.p.A. and CEO of Pillarstone commented: “Sirti is a 95-year-old company with a unique set of skills and know-how in the transport, energy and TLC infrastructure markets that will make fundamental contributions to building future infrastructure. Our re-launch project is based on the strengthening of our operations in the energy sector, given the convergence of energy and telecommunications networks infrastructures, and the acquisition of Foi & Vitali represents a first step in this direction”
“We’re proud to become a part of the historic Sirti Group” declared Alfredo Lazzarino, former CEO of Foi & Vitali “This deal represents a big challenge for us, as well as a great industrial growth opportunity.”