Green Network announces acquisition of Tradeinv Gas & Energy and Energrid, business units of HII Sarl (Holding for International Investments). As a result of the acquisitions, the Green Network Group now represents an aggregate turnover of about 2 billion Euro in Italy. The company supplies over 500,000 meters with sales of approximately 10 TWh of electricity and 500 million cubic metres of gas. The business assets of the two acquired companies, which belonged to the US fund HII Sarl (a subsidiary of Lcv Capital Management), recorded a total turnover of 800 million euros in 2016.
Piero Saulli, President of Green Network, adds “This operation allows us to significantly strengthen our sales of electricity and natural gas in Italy. This is a business combination in line with market trends, which is part of our strategy, focused on a continuous growth path, as already demonstrated by our arrival in Great Britain”.
According to Giovanni Barberis, General Director of Green Network: “The acquisition of Energrid/Tradeinv strengthens our position in the Italian market. Almost 2 billion in turnover, 500 thousand meter served, and 10 TWh of volume sold make Green Network one of the main present and future players in the energy sector.”
Green Network was founded in 2003, following the deregulation of the Italian electricity market. The Group is mainly active in the power & gas market, where it operates as a wholesaler, trader and supplier throughout Italy, and in the production of electricity, mainly from renewable sources, through the management of owned facilities. The Group has also recently expanded to include the business and domestic energy markets in Great Britain.