ESCO Technologies Inc. completed the acquisition of I.S.A Altanova Group S.R.L. from Itago SGR S.p.A, Founder Gino Amadi, and others for approximately $115 million.
July 28, 2021
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ESCO Technologies Inc. (NYSE:ESE) entered into an agreement to acquire I.S.A Altanova Group S.R.L. from Itago SGR S.p.A, Founder Gino Amadi, and others on May 20, 2021. Under the transaction, Altanova will become part of ESCO's Utility Solutions Group operating segment. I.S.A Altanova had sales of approximately $30 million in the calendar year 2020. Gino Amadi, Founder and a shareholder of Altanova, currently serves as Chief Executive Officer of Altanova and has agreed to remain with Altanova subsequent to closing. The employees of Altanova will also be joining ESCO as part of the transaction. The transaction is subject to Italian regulatory approval and is expected to close within the next 45 days. Carlo Dawan of GCA Altium acted as financial advisor to the shareholders of I.S.A. Altanova Group S.r.l., including Itago and Gino Amadi. Bryan Cave Leighton Paisner LLP acted as legal advisor to ESCO Technologies Inc. in the transaction.
ESCO Technologies Inc. (NYSE:ESE) completed the acquisition of I.S.A Altanova Group S.R.L. from Itago SGR S.p.A, Founder Gino Amadi, and others for approximately $115 million on July 29, 2021.
ESCO Technologies Inc. provides highly engineered products and solutions to diverse and growing end-markets that include the aerospace, defense, space, healthcare, wireless, consumer electronics, electric utility and renewable energy industries. The Company has three segments: Aerospace & Defense (A&D), Utility Solutions Group (USG), and RF Test & Measurement (Test). A&D segment primarily designs and manufactures specialty filtration, fluid control and naval products, including hydraulic filter elements, fluid control devices and precision-tolerance machined components. USG is engaged in the development, manufacture and delivery of diagnostic testing and data management solutions that enable electric power grid operators to assess the integrity of high-voltage power delivery equipment. Test segment designs and manufactures products and systems to measure and control RF and acoustic energy for research and development, regulatory compliance, and medical and security applications.
ESCO Technologies Inc. completed the acquisition of I.S.A Altanova Group S.R.L. from Itago SGR S.p.A, Founder Gino Amadi, and others for approximately $115 million.