(AOF) – Spie, an independent specialist in multi-technical services in the areas of energy and communications, has announced the signing of an agreement to acquire Stangl Technik from private equity firms Avallon MBO Fund , based in Poland, and Genesis Capital, based in the Czech Republic. Stangl Technik is a leading player in Poland and the Czech Republic in the field of electro-mechanical services dedicated to buildings. Stangl achieved a turnover of 67 million euros in 2021.
With the acquisition of Stangl Technik, the French group enters the Polish and Czech markets for building technology installation services and strengthens its position as a “pure-player” for multi-technical services in these two countries. In the Top 4 in Poland and the Top 3 in the Czech Republic, Stangl is a leading player in these markets.
The range of electromechanical services offered by Stangl covers the entire value chain, from design, installation to maintenance.
Scheduled for July 2022, the closing of the transaction is subject to the approval of the competition authorities.
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Key points
– European leader in multi-technical services for energy and communication, created in 1900;
– Turnover of €7bn: generated in Europe, with France contributing 41% of revenues, Germany 30%, the Netherlands 17%, the rest coming from Belgium, United Kingdom, Poland, Switzerland, Slovakia , Hungary and Austria, then oil & petroleum and nuclear for 7% / distributed evenly between mechanical and electrical services, communication services, technical management of installations and transmission;
– “Proximity, performance, responsibility” business model based on acquisitions, recurring revenues, the complementarity of solutions focused on the energy and digital transition and focused on 4 strategic markets – “smart” cities, energy, “efficient” buildings » and connected and services to industries;
– Capital split between the Peugeot family (5.2%), employees (8.2%) and Caisse de Dépôts (5%), Gauthier Louette being CEO of the 11-member board of directors;
– Controlled balance sheet with leverage of 1.8, at its historic low, and €1.9 billion in cash.
Challenges
– Strategy based on the offer of high value-added services, focus, rigorous selection of contracts (refusal of large one-off contracts) and external growth;
– Innovation strategy: focused on data collection and processing for buildings, augmented reality applications (MAINTiv for equipment) and hypervision platforms… / supported by partnerships and the IoT Valley in the south – Toulouse / generating €2.6 billion in revenue through the Smart FM 360° platform and €1.3 billion through the creation of new installations:
– Environmental strategy: reduction in the carbon footprint of activities by 25% in 2025 (vs 2019) / increase to 70% (vs 42% in 2021) of the share of products sold contributing to the mitigation of climate disorders / 67% purchasing from suppliers that reduce their carbon footprint;
– Visibility ensured by the recurrence of maintenance activities (80% of revenues) and industrial risk limited by the diversification of customers.
Challenges
– Activity framed by European regulations and supported by recovery plans, favorable to energy and information infrastructures;
– Russia-Ukraine war: no direct impact but uncertainty about the impact for customers;
– Partial postponements to 2022 of the production of information systems and IT equipment, due to disruptions in the supply chain;
– Integration of the medium-sized acquisitions made in 2021 (€277 million in cumulative revenue) and of the Dutch leader in multi-technical services Worksphere (€1.2 billion);
– 2022 objective of a production increase of at least 3%, an increase in the operating margin and a maintenance of the leverage effect.
The growth niches of electrical equipment manufacturers
Legrand and Schneider Electric have been able to seize opportunities related to environmental concerns. Legrand has focused on innovation and external growth. It recently announced two acquisitions, one in the Netherlands, the other in Finland. These two operations will enable it to expand its solutions for recharging electric vehicles and strengthen its positions in promising segments thanks to the rise in importance of green mobility and the fight against climate change. As for Schneider Electric, its positioning, focused on connected equipment, services, and electrical efficiency, supports its performance. It will continue on this path, convinced that all its markets will accelerate in the next three years.