CLIENT : Cliente Trevi-Finanziaria Industriale SpA

TRANSACTION: M&A

DATE: March 2020

SECTOR: Energy, Utilities and Infrasctructure

Mandate:
Trevi Group, Italian Group operating in subsoil engineering, has sold its entire stake in the share capital of Petreven S.p.A. and Drillmec S.p.A., part of the Oil&Gas division, to MEIL Global Holdings BV, a company belonging to MeghaEngineering & Infrastructures.

Trevi Group was established in Cesena in 1957 and today has more than 30 branches and is present in over 80 countries. The Group operates in the field of foundation engineering (special foundations), tunnel excavation, soil consolidations, recovery of polluted sites, in the design and marketing of relevant special technologies, but also in the execution of multi-story automatized and underground car parks.

In particular, the Oil&Gas division, with a global presence in more than 70 countries, is specialized in the design, manufacturing and distribution of drilling and workover rigs, both onshore and offshore, providing drilling services for the oil and gas industry. As of 31 December 2018, the division had revenues of approx. €180m.

The disposal of Petreven Sp.A. and Drilmec S.p.A. is part of the capital strengthening and debt restructuring operation under the Italian art. 182 bis L.F. The relevant proceeds are going to be used for the partial repayment of the financial indebtedness of such companies, which represents one of the main pillars of the overall financial restructuring transaction which the Trevi Group is implementing, in accordance with the debt restructuring agreement executed on 5 August 2020 and approved by the Court of Appeal of Bologna on 10 January 2020, as well as of the relevant industrial, economic and financial plan for the financial restructuring and industrial turnaround of the Trevi Group.

Vitale acted as financial advisor of the Trevi Group, providing assistance in the economic and financial analyses of the transaction.

Transaction value: € 140m

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