The Group has acquired a 90% equity interest in Demap, owner of a facility authorised to process 75,000 tons per year
Rome, 4 July 2019 – Acea has today finalised an agreement with DE.CO.RO. srl, a company belonging to the Dentis Recycling s.r.l. group, regarding the acquisition of a 90% equity stake in Demap srl, which owns a plastics treatment plant with an authorised capacity of 75,000 tons per year.
The facility, located in the Province of Turin and a member of the Corepla Consortium, since 2004 has been performing activities relating to the selection and recycling of plastic and plastic/metal packaging, originating from urban waste sorting, carried out particularly in the Valle d’Aosta and Piedmont Regions.
The transaction’s economic value, in terms of enterprise value for 100% of the company, amounts to around 20 million Euro. Under the agreement, the seller will have a put option on the remaining 10% stake, exercisable no later than 30 months after the closing upon the achievement of objectives associated with plant performance. Following the transaction, Demap will be fully consolidated by Acea, with an expected annual contribution to EBITDA of approximately 3.5 million Euro.
Stefano Donnarumma, Chief Executive Officer of Acea, commented: “By way of this transaction, Acea strongly reiterates its intention to pursue major growth in the waste treatment cycle, in keeping with the circular economy objectives set out in our 2019-2022 business plan. In fact, this first step comes entirely within our growth strategy at infrastructural level, via both the acquisition of plants and the construction of new facilities”.
In this project, Bain acted as strategic advisor and the firm Grimaldi as legal advisor.