Founded in 1987 in Lombardy by Giorgio Keller, Intergen has a longstanding reputation, with over 450 cogeneration units sold and a total installed capacity of nearly 600 megawatts. The company has established itself as a leader in the development, production, and servicing of cogeneration units in Italy, also holding a significant position across Europe.

Unlike Tedom, which focuses on mass production, Intergen specializes in customized cogeneration units, including large modular plants and trigeneration systems that produce electricity, heat, and cooling. Tedom, on the other hand, primarily manufactures smaller gas-fired plants, typically under one megawatt, which generate both electricity and heat.

"This acquisition is a significant step in the development of our cogeneration business," said Ladislav Zeman, head of Tedom. "It combines Tedom's strong product portfolio and manufacturing base with Intergen's excellent market position and team in Italy. This aligns with our vision of becoming a new generation international energy group that effectively integrates energy services with in-house production."

According to Zeman, this acquisition not only brings valuable know-how in modular cogeneration but also boosts Tedom's activities in what he considers one of the most promising markets in Europe. "Italy is the fourth-largest consumer of cogeneration units in Europe, and its climate combined with a developed industrial sector presents interesting opportunities for energy transformation. The Intergen brand will continue to operate in Italy, but it will now be part of the Tedom family," he added. Tedom is already exporting to Italy and around 50 other countries, but expects a significant increase in revenue from the Italian market following the acquisition.

The exact financial details of the transaction remain undisclosed, but insights can be gleaned from the companies' financial indicators. Intergen reported revenues of about 750 million CZK and a pre-tax profit of around 38 million CZK, while Tedom anticipates revenues significantly higher this year, projecting around 8 billion CZK and an EBITDA of approximately 400 million CZK. Given Tedom's current valuation at around 5 billion CZK, the price for Intergen is likely in the hundreds of millions of CZK range.

This acquisition comes at a time when the sector is recovering from challenging years. The conflict in Ukraine has led to uncertain natural gas supplies in Europe, driving up prices and dampening demand for small gas power plants. However, this year shows signs of recovery as investors are again considering cogeneration units as viable, decentralized, and relatively eco-friendly energy sources due to stabilizing gas prices. In the Czech Republic, public funding is now available for the operation of cogeneration units, allowing investors to compete for operational subsidies through auctions.

Zeman believes that Europe is once again recognizing the importance of cogeneration for its energy future. "Thanks to high efficiency, it helps reduce CO2 emissions and contributes to climate goals while enhancing energy security through decentralized energy production and better integration of renewable sources." He noted that Tedom has delivered 20% more cogeneration units in the first half of this year compared to the previous year.

For Czech capital, this marks yet another investment in Italy in recent years. Notably, Czechoslovak Group has strengthened its presence by acquiring local firearms manufacturer Armi Perazzi and ammunition producer Fiocchi Munizioni.

"Another example is Dr. Max, which has been gradually expanding in Italy and now operates over 200 pharmacies there. The FutureLife network of reproductive clinics also entered Italy through the purchase of the Marques Institute in 2022," says Tomáš Kindl from the American company Datasite, which specializes in mergers and acquisitions.

Currently, Tedom from Třebíč is undergoing significant changes. In addition to the Italian acquisition, it is restructuring its ownership. The original owner, Jet Investment, has agreed to sell the company to the Japanese Yanmar Group, pending regulatory approval.

Tedom sells its products in dozens of countries worldwide, from Japan to Europe and the United States, collaborating with numerous foreign partners across more than 50 countries. The company operates four manufacturing and development facilities in the Czech Republic and one in Germany, employing around a thousand people in total.

Source: E15

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