Interpump under the lens, analysts see Padoan's purchase as strategic

(Il Sole 24 Ore Radiocor) - Interpump Group in the spotlight at Piazza Affari (FTSE MIB ), after a binding agreement for the acquisition of 65% of Padoan, a Treviso-based company specialising in the production of tanks for industrial vehicles and machinery. The stock of the company active in the hydraulic pumps market contained its losses in an almost completely red list, dropping 0.63% to €34.54. The transaction, realised through the subsidiary Interpump Hydraulics, will be effective as of July 1 and is valued by Padoan at about 16 million for 100% (enterprise value). Put-and-call mechanisms have already been defined through which Interpump Group will be able to acquire the remaining shares from July 2030.

Founded in 1937 with headquarters in Olmi di S. Biagio di Callalta (Treviso) and over 50 employees, Padoan closed 2024 with a turnover of around 15 million and an Ebitda margin of over 17%. "The company allows us to expand our product range, to exploit synergies with other products in our portfolio and finally to build a sector presence in Europe as strong as the one the group holds in North America," commented Fulvio Montipò, executive chairman of Interpump Group.

The transaction, 'although small in size' is positive according to Equita analysts, who have a 'Hold' recommendation for Interpump with a target price of EUR 41. In fact, "it fits into the group's strategy of seeking transactions that have the capacity to broaden the product portfolio and strengthen its strategic positioning". The acquisition continues the path of the Fulvio Montipò-led company, which entered the tank market in 2011 with the purchase of American Mobile Power active in the US.

However, underlines Equita, "the quantitative impacts are limited" and, "assuming a rapid consolidation of Padoan with the division reaching profitability during 2026, the transaction adds about 1% as turnover, Ebitda and Eps to the group's numbers". Similar is the opinion of Banca Akros, for which the purchase has value "from a strategic point of view" for Interpump, as it allows the group to "establish an equally significant presence in Europe" compared to the one it has in the US through American Mobile Power. "Given the modest size of the deal, we do not expect a major impact on the share price," however, concludes Sim, which confirms its 'Accumulate' recommendation on the stock with a €43 target price.