Ansaldo Energia Acquisition, Valuation, Funding & Investors

Ansaldo Energia was acquired by CDP Equity for $900M in December 2013.

Ansaldo Energia acquisition price

$900M

Acquired by CDP Equity · Dec 2013

Cumulative funding Ansaldo Energia raised

$1.7B

across 5 funding rounds

Key investors in Ansaldo Energia

Ansaldo Energia Overview

About Ansaldo Energia

Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion.


Founded

1853

HQ

ItalyLiguria

Status

Acquired

Customer focus

B2B

Revenue model

Product sales, Services

Valuation

$492M (Dec 2014)

Ansaldo Energia Acquisition

Ansaldo Energia was acquired by CDP Equity for $900M on 23 December 2013.

Before the acquisition Ansaldo Energia had raised $1.7B across 5 funding rounds.

Fondo Strategico Italiano completed the EUR 657 million acquisition of 84.55% of Ansaldo Energia on 23 December 2013. It bought First Reserve’s 45% and 39.55% from Finmeccanica, with a separately agreed put-call over Finmeccanica’s remaining 15% and a contingent earn-out that are not added to the disclosed closing value. Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion. The transaction is attributed to the CDP Equity house under legal-predecessor or controlled-vehicle continuity where the historical investor name differs.

Ansaldo Energia acquisition details
AcquirerDateTypePrice
  • CDP Equity
23 Dec 2013PE buyout$900M

Sources: cdp.it

Ansaldo Energia Valuation

Ansaldo Energia is currently valued at $492M, based on its secondary sale in December 2014. Read the announcement ↗

The round included Shanghai Electric Group.

Ansaldo Energia's valuation has moved from $1.5B at its undisclosed-stage round in May 2014 to $492M in December 2014, across 2 priced rounds.

Ansaldo Energia valuation by funding round

Ansaldo Energia valuation by funding round
DateStageValuation
Dec 2014Secondary$492M
May 2014Undisclosed stage$1.5B

Ansaldo Energia Funding History

Ansaldo Energia has raised a total of $1.7B across 5 funding rounds, plus 1 secondary share sale.

Ansaldo Energia's first fundraising round was a $545M undisclosed-stage round in May 2014. The most recent completed round was a $134M strategic investment round in April 2024.

Ansaldo Energia funding rounds

Ansaldo Energia funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2024Strategic investmentCDP Equity$134M-CDP Equity paid EUR 125 million into Ansaldo Energia through residual capital increases in March and April 2024. The final EUR 66.3 million tranche was paid on 23 April after EUR 58.7 million on 28 March, and the combined contribution increased CDP Equity’s ownership to 99.6%. Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion. The transaction is attributed to the CDP Equity house under legal-predecessor or controlled-vehicle continuity where the historical investor name differs.
Jun 2023Strategic investmentCDP Equity$511M-CDP Equity completed an aggregate EUR 469.4 million of equity payments to Ansaldo Energia during 2023, including final tranches of the prior commitment and major June recapitalisation payments. The 28 June date marks the last material tranche identified in the annual report and the amount is the total completed equity support for the year. Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion. The transaction is attributed to the CDP Equity house under legal-predecessor or controlled-vehicle continuity where the historical investor name differs.
Dec 2022Strategic investmentCDP Equity$38M-During 2022 CDP Equity paid EUR 35.6 million of new equity to Ansaldo Energia under the company’s recapitalisation programme. Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion. The transaction is attributed to the CDP Equity house under legal-predecessor or controlled-vehicle continuity where the historical investor name differs.
Jun 2020Strategic investmentCDP Equity$449M-CDP Equity completed a EUR 400 million capital increase in Ansaldo Energia on 30 June 2020. It was the sole subscriber and increased its controlling interest from 59.94% to 87.57%, supplying balance-sheet support for the company’s industrial plan. Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion. The transaction is attributed to the CDP Equity house under legal-predecessor or controlled-vehicle continuity where the historical investor name differs.
Dec 2014SecondaryShanghai Electric Group-$492MShanghai Electric Group completed the acquisition of a 40% stake in Ansaldo Energia from Fondo Strategico Italiano on 4 December 2014 for EUR 400 million. The partial realisation produced a reported gross gain of about EUR 72 million and accompanied a long-term industrial-cooperation agreement between the Italian and Chinese groups. Ansaldo Energia is an Italian industrial group that designs, manufactures and services equipment for electricity generation. Its products include heavy-duty gas turbines, steam turbines, generators and complete thermal-power plants, supported by long-term maintenance and engineering services. Utilities, independent power producers and industrial customers purchase its equipment and aftermarket support around the world. Revenue is generated from equipment sales, turnkey engineering contracts, spare parts and recurring service agreements. The group also owns nuclear-engineering capabilities and invests heavily in turbine research and manufacturing in Genoa. CDP Equity became its controlling shareholder to preserve a strategic Italian power-equipment technology base and support international expansion.
May 2014Undisclosed stage-$545M$1.5BAnsaldo Energia, an Italian company specializing in the production and servicing of thermoelectric power plants, was sold in a major transaction in late 2013. Finmeccanica agreed to sell its 39.55% stake and First Reserve its 45% stake to Fondo Strategico Italiano (FSI), an Italian state-backed fund, valuing the company in excess of €1.3 billion. The deal was signed on October 4, 2013, and closed on December 23, 2013, with Finmeccanica receiving €273 million at closing and additional payments via earn-outs up to €130 million tied to business plan performance in 2014-2016. The transaction structure included a fixed price of €777 million for 99.55% of Ansaldo Energia, with Finmeccanica's remaining 15% stake subject to a put-call option exercisable in 2017 at a capitalized price. This deconsolidated Finmeccanica's share of Ansaldo Energia's €220 million financial debt as of June 2013. First Reserve had previously acquired its 45% stake from Finmeccanica in 2011. Later developments include a 2020 share capital increase of €400 million, primarily subscribed by CDP Equity (raising its stake to 88%), and Shanghai Electric holding 12%.

Who has invested in Ansaldo Energia?

2 investors have backed Ansaldo Energia across its funding rounds, including CDP Equity and Shanghai Electric Group.


Ansaldo Energia Investors

Investors in Ansaldo Energia by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Ansaldo Energia

Ansaldo Energia has acquired 1 company to date.

Last acquisition by Ansaldo Energia was on May 23rd 2014. Ansaldo Energia acquired Nuclear Engineering Services for $39M.


Latest Acquisitions by Ansaldo Energia

Nuclear Engineering Services
Description
Nuclear Engineering Services designs, manufactures, assembles, tests, installs, and commissions customized solutions for nuclear applications. Operating from the United Kingdom, the company provides equipment for power plants, including valves, pumps, and control systems compliant with international standards.
HQ CountryUnited Kingdom
HQ City
Wolverhampton
Deal Date23 May 2014
Valuation$39M
EV/Revenue
EV/EBITDA

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Ansaldo Energia Competitors

Ansaldo Energia competitors include listed companies like West Holdings and Kopin, and private ones like Weishi Energy, MSolar, Wabash Valley Resources and Agnikul.

Public and private companies comparable to Ansaldo Energia
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
West HoldingsJapanJapanPublicly listed$299M$73M$476M2.3x
Weishi EnergyChinaBaodingPrivate--$580M-
MSolarUnited StatesUnited StatesPrivate--$801M-
Wabash Valley ResourcesUnited StatesTerre Haute, INPrivate--$250M-
AgnikulIndiaChennaiPrivate--$500M-
KopinUnited StatesUnited StatesPublicly listed$38M$3M$548M9.1x

Ansaldo Energia Public Comps

Ansaldo Energia is no longer listed, but its public comps include Oil States International, Babcock & Wilcox, ShaMaran Petroleum, W&T Offshore, West Holdings, Hallador Energy, Schoeller-Bleckmann, Okea, Genie Energy and SandRidge Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Oil States International$669M($49M)0.8x0.8x(10.4x)6.6x
Babcock & Wilcox$588M$22M0.8x0.5x23.0x6.3x
ShaMaran Petroleum$155M$99M4.1x4.6x6.4x6.1x
W&T Offshore$501M$54M1.3x1.1x11.9x3.3x
West Holdings$299M$73M2.9x2.3x11.8x8.3x
Hallador Energy$469M$99M1.1x1.1x5.0x10.6x
Schoeller-Bleckmann$511M$80M1.3x1.3x8.0x8.9x
Okea$784M$204M0.5x0.4x2.1x0.6x

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Common questions about Ansaldo Energia

When was Ansaldo Energia founded?Ansaldo Energia was founded in 1853.
Where is Ansaldo Energia headquartered?Ansaldo Energia is headquartered in Liguria, Italy.
Is Ansaldo Energia publicly listed?No, Ansaldo Energia was acquired by CDP Equity in December 2013.
Who acquired Ansaldo Energia?Ansaldo Energia was acquired by CDP Equity in December 2013.
How much was Ansaldo Energia acquired for?Ansaldo Energia was acquired for $900M in December 2013.
What is Ansaldo Energia's valuation?Ansaldo Energia was last valued at $492M in its secondary sale in December 2014.
How much funding has Ansaldo Energia raised?Ansaldo Energia has raised $1.7B across 5 funding rounds.
What was Ansaldo Energia's last funding round?Ansaldo Energia's last funding round was a $134M strategic investment round in April 2024.
Who are Ansaldo Energia's investors?Ansaldo Energia's investors include CDP Equity and Shanghai Electric Group.
Which companies are comparable to Ansaldo Energia?Companies comparable to Ansaldo Energia include West Holdings, Weishi Energy, MSolar, Wabash Valley Resources, Agnikul and Kopin.
How many companies has Ansaldo Energia acquired?Ansaldo Energia has acquired 1 company, including Nuclear Engineering Services.
What was the largest acquisition by Ansaldo Energia?The $39M acquisition of Nuclear Engineering Services in May 2014 is the largest acquisition Ansaldo Energia has made to date.

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