MAIRE Tecnimont S.p.A., a leading player in the engineering and construction of plants in the energy, infrastructure, and petrochemical sectors, announced the completion of the acquisition of an 83.5% stake in Conser.
The acquisition was made through its subsidiary NextChem Holding S.p.A. The technology licensor and process engineering design company based in Rome, Italy, was acquired for approximately €35.8 million. Of this amount, €28.4 million was paid upfront, and €7.4 million is deferred and subject to certain conditions. The agreement also includes an earn-out clause and put and call options on the remaining 16.5% stake.
MAIRE Tecnimont’s acquisition of Conser will help to expand its portfolio in the energy transition and circular economy field. The acquisition will add innovative and sustainable technologies for biodegradable plastics intermediates and high-value specialty chemicals to its portfolio. These technologies have the potential to be leveraged in new markets through MAIRE Tecnimont’s global commercial network and integrated project execution capability. The acquisition will also enable the group to pursue growth opportunities in developing fully biodegradable or bio-based polymers in line with its decarbonization strategy.
Conser was founded more than 50 years ago and has a diverse portfolio of technology patents focused on energy transition and added-value specialty chemicals processes. These include cost-effective and process-flexible technologies for maleic anhydride, butanediol, and dimethyl succinate. These are crucial building blocks for the production of biodegradable plastics, which show promising prospects driven by growing demand, particularly in Asia. Conser’s portfolio also includes technologies for fine chemistry for lithium battery production and bio-based derivatives, such as plant glycerin.
Conser is expected to generate operating results (EBITDA) in the range of €13-15 million in 2023 and post a net cash position of over €10 million. The acquisition of Conser will help MAIRE Tecnimont to strengthen its leadership in the energy transition and circular economy field.
Conser was advised by FAI ADVISORY and the law firm Foschiani of Rome, while MAIRE Tecnimont received support from its internal M&A, legal, and corporate affairs teams.