SPIE Targets Germany with an Acquisition
SPIE has signed an acquisition agreement for ROFA Industrial Automation AG, a major German player in industrial automation and intralogistics. This deal, to be finalized in the second quarter of 2026, strengthens the group's position in the German industrial services market.
Acquisition Details
SPIE announces the acquisition of ROFA Industrial Automation AG, based in Kolbermoor, Bavaria. ROFA reported a 2025 revenue of approximately 430 million euros and has over 1,200 employees. The company has been operating since 1967 in factory automation, which accounts for about 80% of its activity, and warehouse and logistics automation for the remaining 20%. ROFA covers the entire project lifecycle, from consulting to engineering and hardware, including manufacturing, commissioning, and after-sales services. Originally a regional conveyor technology provider, it has transformed into a system integrator with international operations, particularly serving German clients operating globally.
Financial Aspects of the Deal
The EBITA multiple of the transaction is described as high-single-digit. SPIE will acquire about 99% of the equity at closing, while the management team will retain 1%, with associated buy and sell option mechanisms. The transaction will result in a mid-single-digit accretion to adjusted earnings per share from the first year of consolidation. The acquisition will be self-financed, with a limited impact on the debt ratio. The transaction is expected to be finalized in the second quarter of 2026, subject to antitrust authority approval.
Strategic Implications
ROFA benefits from a diversified client portfolio covering the automotive, logistics, food and beverage, pharmaceutical, and healthcare sectors, and reports a high-single-digit EBITA margin. This acquisition is in line with SPIE's German strategy, complementing the purchase of Robur in 2024. It is expected to generate commercial synergies within a high-quality portfolio and enable the group to advance in industrial automation and intralogistics solutions.
