BREAKING NEWS

In the press release dated 31 July 2025, ESPE – operating since 1974 in the renewable energy sector as an EPC contractor in the supply of photovoltaic systems and owner of the proprietary “ESPE” technology for the development of mini-wind turbines and biomass cogenerators – announced the acquisition of a 51.0% majority stake in Secur Impianti Srl from the Signorelli family. Secur Impianti specialises in the design, installation, and maintenance of security and video surveillance systems for both small- and large-scale infrastructures. The transaction was accompanied by the simultaneous sale of a 10.0% stake in Reflow Srl – 67.0% of which is controlled by the Group – in favour of Secur Immobiliare Srl, a company affiliated with the Signorelli family. The entry into Secur Impianti marks a further step in ESPE Group’s vertical integration along the Energy Security value chain. The transaction aims to strengthen direct control over strategic areas, including the physical and digital security of energy plants, with a particular focus on monitoring, access control, and perimeter protection. This integration enables ESPE to enhance its industrial offering by leveraging high-level technical expertise and broadening the scope of services provided under the EPC model. The outcome is a reinforced ability to deliver comprehensive, reliable, and tailor-made solutions for the secure and sustainable management of energy infrastructure. Founded in Viterbo (VT) in 1993 by Luciano Signorelli and now headquartered in Rome, Secur Impianti operates in the plant engineering sector with an integrated offering that includes electrical systems, security systems, telecommunications, mechanical installations, and construction works, including maintenance services. Thanks to its focus on innovation and high technical specialisation, the company has established a solid presence in the domestic market, serving both public and private clients in the development, conversion, and integration of both new and existing infrastructure. From a financial standpoint, in 2024 the company reported revenues of approximately €4.50 million, with an EBITDA of around €1.50 million (EBITDA margin of 34.0%) and a cash-positive Net Financial Position of approximately €0.90 million. During the same period, the company had an average workforce of 18 employees. With regard to the structure of the transaction, ESPE SpA acquired a 51.0% majority stake in the share capital of Secur Impianti, purchasing a 26.5% interest from Luciano Signorelli and a 24.5% interest from Elisa Signorelli. The transaction forms part of a broader strategy to consolidate the operational scope of the target company, which has recently completed the merger with Progetto Sicurezza Srl and the acquisition of 100% of Brain Room Srl – a company specialised in video surveillance for photovoltaic systems using artificial intelligence solutions. It is worth noting that 40% of Brain Room’s share capital was previously held by Reflow, a subsidiary 67% owned by ESPE. The total consideration for the transaction amounts to €0.77 million, of which €0.05 million has already been paid as an advance. The remaining amount will be paid in instalments by 31 December 2026, fully funded through internal resources. At the same time, ESPE sold a 10.0% stake in Reflow to Secur Immobiliare – a company linked to the Signorelli family (51.0% owned by Luciano Signorelli and 49.0% by Elisa Signorelli) – for a total consideration of €0.15 million, which will also be settled in instalments by 31 January 2026. Following the acquisition, the Board of Directors of Secur Impianti is expected to appoint Luciano Signorelli as Chairman and Chief Executive Officer, with Enrico Meneghetti and Enrico Savegnago serving as Board Members. The acquisition of a 51.0% stake in Secur Impianti represents a key milestone in ESPE Group’s growth and vertical integration strategy, aimed at strengthening its positioning along the Energy Security value chain. The integration of the company enables the internalisation of highly specialised expertise, with a particular focus on the physical and digital security of power generation and distribution assets, fully aligned with ESPE’s strategic goal of positioning itself as an integrated operator offering technologically advanced, turnkey solutions. The simultaneous disposal of a 10% stake in Reflow is intended to reinforce the industrial partnership with the Signorelli family, ensuring operational continuity and fostering a more collaborative governance model, particularly with regard to O&M services. The transaction also promotes a stronger alignment of interests between the parties, supporting cooperation on high-tech projects and the joint management of strategic segments along the value chain. Taking into account what has been communicated and pending the evaluation of synergies from the deal, we confirm our recommendation: Target Price € 5,15, Rating BUY and Risk Medium.

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