Enex Technologies is the only player in the market able to offer refrigerant racks powered by all natural refrigerants.

The European F-Gas Regulation EU 517/2014 requires the phase down of HFC refrigerants and Enex Technologies, thanks to the finalization of the M&A phase, is the only player in the market able to offer refrigerant racks powered by all natural refrigerants (CO₂, ammonia, propane).

Fund II entered the company in 2020 investing Euro 35.8 mln through capital increases and owns a stake of the share capital equal to 40.2%

Sourcing and Investment Rationale

• Attractive opportunity to take advantage of several tailwinds inter alia: a) European F-Gas Regulation EU 517/2014 requires the phase down of HFC refrigerants and b) less than 5-10% of installed racks were natural at entry.
• FIEE was positioned as a partner of choice given prior relationship with industry veterans and pioneers of natural refrigeration system.
•  The transaction was negotiated on a fully bilateral basis.day).

Value Creation

• Development of a buy-and-build strategy given access to a deep proprietary pipeline.
• Acquisition of 8 companies in order to create a pan-European company.
• Driving revenue and cost synergies, leveraging team of industry experts.

Progress Update

• Enex is the only player in the market with refrigerant racks powered by all natural refrigerants (CO₂, ammonia, propane).
• Acquired 8 companies to date: 3 in Italy, 3 in Spain and 2 in France. M&A phase has been finalized. The current focus is on integration and EBITDA growth.
• Strengthened sales team.