Italy’s De Nora Group, active in the design, production and supply of electrochemical and water treatment technologies, while preparing to land at the Italian Stock Exchange (see here a previous article by BeBeez), refinanced its existing debt, securing two credit lines, respectively, of 200 million euros and 100 million dollars. The first line was made available to Industrie di De Nora spa and the second one is available to its subsidiary De Nora Holdings US. In both cases, the pool of lending banks is made up of BNL, Banco BPM, Intesa Sanpaolo, Mediobanca and UniCredit, also as mandated lead arrangers and bookrunners and original lenders, as well as Banca Popolare di Sondrio. UniCredit also acted as agent of the loan. The loan will also be used to support the working capital needs of all group companies.
The De Nora Group was assisted by the lawyers of Latham & Watkins, while the lending banks were supported by the lawyers of White & Case.
The refinancing operation takes place within the framework of an ipo project that has not yet been officially announced, but which the De Nora family, the group’s major shareholder, has been thinking about for some time and which would now be almost ready to go. The idea of a listing had already been on the table in fact at the end of 2015 (see here a previous article by BeBeez), before the owner decided instead to bring the Blackstone Tactical Opportunities fund on board as a shareholder with a stake of about 33% back in April 2017 (see here a previous article by BeBeez). The value of the deal was not disclosed at the time, but some months before the deal, when De Nora was still thinking about listing on the Italian Stock Exchange, there were talks of an enterprise value of around 900 million euros. Today the value of the group is much greater. We recall, in fact, that in November 2020 Milan-listed energy group Snam announced the acquisition of about 33% of the capital of Industrie De Nora, taking over it from Blackstone in a deal that valued the entire De Nora group 1.2 billion euros (see here a previous article by BeBeez). Today Snam owns approximately 36% of the capital, with the family maintaining the remaining 64%.
IndustrieDe Nora spa achieved total consolidated revenues of 616 million euros in 2021 (from 500 millions in 2020), an ebitda of 121 millions (from 81 millions in the previous year) and an operating profit of over 66 million euros substantially doubled from 33 millions in 2020, all versus a net financial debt of 189 millions, which increased by 94 millions from the end of 2020, after total investments in the year of approximately 34 millions (see here De Nora’s 2021 Financial Statements, available to subscribers by BeBeez News Premium and BeBeez Private Data).
The company’s growth process has developed both organically, thanks to continuous innovation, and external lines, through major acquisitions in the US, the UK, Japan and Italy. De Nora is present today with 25 operational offices in 10 countries with 5 R&D centers in Italy, USA and Japan. The Group’s intellectual property portfolio currently includes about 260 patent families with more than 2,700 territorial extensions.
Founded in 1923 by Oronzo De Nora, the group is a world leader in the supply of electrodes for electrochemical processes (chlor-alkali industry, galvanic treatments, electronics, electrochlorination, electrochemical corrosion prevention, energy storage from renewable sources and components for fuel cells) and is among the leading players in technologies and processes for the filtration and disinfection of water (purification, process water treatment, industrial and civil wastewater, ballast water treatment).
In particular, the company has launched a new generation of electrodes, essential for increasing the performance and competitiveness of hydrogen produced through alkaline electrolysis, making the production of hydrogen through water electrolysis increasingly competitive in economic terms. In synergy with the electrodes business, De Nora has held a 34% stake in ThyssenKrupp Uhde Chlorine Engineers (TKUCE) since 2015, one of the world leaders in the development, assembly and installation of alkaline electrolyzers and in the production of chlorine and caustic soda (see here a previous article by BeBeez). TKUCE’s alkaline electrolyser technology is used in several large global hydrogen projects.
And speaking of hydrogen, on 5 May De Nora signed a declaration of intent with the EU Commission, together with other European producers of electrolysers, as part of the European Clean Hydrogen Alliance. The document sets out the pillars of a new partnership that aims to facilitate and promote the implementation of green hydrogen technologies in the European Union. The alliance aims to improve the current regulatory framework in order to support rapid and sustainable growth of the renewable hydrogen market, perfect the European Union funding programs for the implementation and development of hydrogen technologies and facilitate the integration of value chains for the production of electrolysers within the Union.