Joint Venture between Marcegaglia Steel and Manni Group
A new industrial entity is born, set to become the second-largest panel manufacturer in Europe
Marcegaglia Steel and Manni Group have signed an agreement for a joint venture in the insulated metal panels and sectional door panels sectors. This collaboration between two internationally renowned groups with a long tradition in steel processing has created a new industrial entity that will play a leading role in the Italian market and become the second-largest panel manufacturer in Europe, with a client portfolio spanning over 70 countries worldwide. The production sites involved in the operation are located in Italy, specifically in Alessandria in Piedmont, Verona in Veneto, and Frosinone in Lazio; and abroad, in Spain, Romania, Poland, and Mexico, from where North America is served.
"This joint venture with Marcegaglia Steel marks the beginning of a new phase for Manni Group, giving a further boost to our internationalization strategy. Through this synergy, we are creating a leading industrial entity in Europe, with a production presence extending from Italy to Spain, through Romania, Poland, and Mexico. This agreement not only amplifies our global reach but also allows for a significant increase in our investments, with a particular focus on research and development. We will thus remain at the forefront of the industry, offering increasingly advanced and sustainable solutions thanks to the benefits of off-site construction. With this move, Manni Group positions itself as a key player in shaping the future of construction at an international level", says Francesco Manni, President of Manni Group.
The operation – subject to the usual suspensive conditions and Antitrust authorizations – involves, on one side, Marcegaglia Steel contributing its Italian production activities, controlled by Marcegaglia Buildtech, and its Polish production facility, controlled by Marcegaglia Poland, to Isopan Spa; and on the other side, Marcegaglia Steel purchasing a number of shares to rise to 50% of the capital of Isopan Spa; an identical quota (50%) will be held by Manni Group. The joint venture will have an aggregate turnover of approximately 500 million euros and will employ nearly 700 people.
The goal of the joint venture is to combine expertise, industrial platforms, and networks of contacts to promote the development of off-site construction, where components are designed and built in a factory and then brought to the site for final assembly, improving efficiency, construction quality, safety, and environmental protection. By enhancing investments in R&D, Marcegaglia Steel and Manni Group aim to generate a concrete impact, particularly in terms of innovation and sustainability, offering highly technological construction systems that ensure predictable costs and reduced waste, thus meeting and exceeding the requirements of the European Green Deal.
As Enrico Frizzera, CEO of Manni Group, explains, "the joint venture with Marcegaglia Steel represents a fundamental step in Manni Group's industrial plan, strengthening the company's position as a reference in the insulated panels sector. The operation is unique, built by two entrepreneurial families, Manni and Marcegaglia, who share the same business and social values. By combining expertise and resources, we will be able to accelerate the development of innovative construction solutions, perfectly aligned with the requirements of the European Green Deal. This agreement promotes off-site construction capable of increasing efficiency, quality, and environmental respect. We are building a future where technological innovation and sustainability go hand in hand, offering our clients in over 70 countries cutting-edge solutions that not only meet but exceed the most demanding environmental standards".
Manni Group was assisted by Studio Lambertini & Associati; while Marcegaglia Group was assisted in the transaction by the law firm Cappelli Riolo Calderaro Crisostomo Del Din & Partners. The due-diligence and the Business Plan was followed by Deloitte Financial Advisory and Bonelli Erede handled the antitrust profiles of the transaction.
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