Balcke-Duerr Group continues to grow and acquires Italian Loterios s.r.l.
Balcke-Duerr Group, a portfolio company of turnaround investor Mutares (ISIN: DE000A2NB650) focused on solutions for energy efficiency and emission reduction for utilities and the chemical industry, has signed and completed the acquisition of Loterios s.r.l and is thus further expanding its Italian business, following the acquisition of the heat exchanger division of STF in 2018.
Newly acquired Loterios designs and manufactures pressure equipment in special materials, notably Titanium, for a variety of industries. The company is located in Gerenzano, Italy, and employs c. 70 people. In 2019, the company realized revenues of EUR 17 million. For Balcke-Duerr, this add-on acquisition will provide valuable synergy effects through a broader product portfolio, cross-selling opportunities from combined customer bases as well as considerable gains in production efficiency. The transaction represents already the fourth bolt-on acquisition since the Group has successfully completed a turnaround two years ago and started to implement a growth strategy.
Robin Laik, CEO of Mutares, comments: “We are very pleased about the acquisition of Loterios. The deal will help our portfolio company Balcke-Duerr Group to further accelerate growth and provide valuable potential of cost synergies and cross-selling potential.”