SPIE: Major Acquisition in Germany to Boost Growth

Acquisition Details Announced

SPIE announced on March 25, 2026, the acquisition of SGS Industrial Services Group. The target, based in Dorf an der Pram in Upper Austria, employs approximately 800 staff and primarily operates in Germany. In 2025, SGS Industrial Services generated a revenue of around 180 million euros with margins slightly above 10%. The acquisition enhances the group's value chain in the electrical and mechanical installation of energy infrastructures and industrial facilities, as well as in the energy and logistics sectors.

Financial Aspects of the Deal

The EBITA multiple of the transaction is at the high single-digit level. SPIE indicates that the operation will generate an accretion of adjusted EPS from the first year of consolidation. The acquisition will be self-financed while maintaining a strong discipline on the debt ratio. The completion of the transaction is expected by the end of June 2026, subject to the approval of competition authorities.

Strategic Implications and Management Continuity

This acquisition follows the recent integrations of Robur and the announcement of the signing with ROFA. It opens up opportunities for commercial synergies with SPIE's existing industrial clientele. The management team of SGS Industrial Services, consisting of Andreas Hofinger, Christian Gittmaier, and Sandra Ponsold, will continue to lead the operations. SPIE aims to recruit qualified professionals in Eastern Europe to enhance its execution capacity.