SIT SpA, a multinational listed on the Stock Exchange in the MTA segment which, through its Heating and Smart Gas Metering divisions, creates intelligent solutions for controlling environmental conditions and measuring consumption, has perfected the acquisition of 100% of Janz-Contagem e Gestão de Fluídos SA, a consolidated Portuguese company owned by the Janz family specialized in the production of residential water meters.
Janz, who will keep the production site in Lisbon (11 m2 with 250 employees), has developed a wide range of mechanical meters and in particular excels in volumetric metrological technology with which it not only equips its meters but also supplies the main operators in the sector. Sales reached 2019 million euros in 18,6 with an average growth rate of 5% over the last 9 years thanks to progressive international expansion in Europe and Latin America (Janz is present in 25 countries) and the introduction of smart meters.
The price, excluding cash and financial debts, is equal to 28 million euros and an earn-out of up to 0,8 million euro is also envisaged based on the achievement of specific targets during 2021. The transaction was financed by a new credit line that SIT obtained from participating banks to the existing pool loan.
Following the closing of the acquisition – carried out within the announced times – SIT adds a fundamental element for the development of an international pole of smart metering. The multinational with headquarters in Padua and offices throughout the world (with over 2 employees) already has a consolidated division in smart gas metering – the result of an internal company start-up project – operating through the Group called MeteRSit which recorded, in 2019, 88,6 million euros in revenues.
Entry into the water market, possible thanks to Janz, is strategic for SIT as allows you to further enhance MeteRSit applying the know-how already present and recognized by the market to the water sector. Janz's product portfolio will also be further developed by benefiting from MeteRSit's consumption data measurement and communication technologies.
"We close 2020 by completing, on schedule, the acquisition of Janz, strategic for the Group - said Federico de' Stefani, Chairman and Chief Executive Officer of SIT SpA -. In fact, the water market is expected to grow further, which has a scarce, non-replaceable resource at its core, but which is not currently managed efficiently: the share of water that utilities today are unable to account for reaches up to 40 %, with a very high resource waste. Today only 9% of water meters in the world are "smart", i.e. connected to the network; with Janz we aim to increase this percentage thanks to strong skills in the sector of smart meters and digitized reading of consumption data, thus also fulfilling our vision: to be recognized by the market as a sustainable partner for the creation of intelligent solutions for efficiency purposes energy and the protection of natural resources".
