Ludoil Energia Takes Over 100% of Isecold, Oil Product Storage Specialist

Ludoil Energia srl, a subsidiary of Ludoil Energy spa that operates in infrastructure logistics and renewable energy, has acquired 100 percent of the shares of Isecold spa, a leading company in the storage of petroleum products and activities through the terminal port in Torre Annunziata, Campania.

For Ludoil Energia, the transaction was followed on the legal front by its in-house team led by head of legal Marco Russo Spena, while Isecold was assisted by PwC Italia (exclusive financial advisor) and the firm Chiomenti (for legal aspects).

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In 2021, Ludoil Energia had revenues of €1.03 billion, EBITDA was €28.5 million, and net cash of €35.2 million

Established in 1986 by the Rocco Brothers, Isecold at the Torre Annunziata (Naples) port terminal has a logistics system of more than 20,000 square meters, with two docking piers and several tanks for the storage of petroleum products and biofuels, with a total storage capacity of more than 13,000 cubic meters.

The coastal depot was dedicated until 2002 to the storage of petrochemical products owned by multinational companies in the industry. Later, however, thanks to its upgrading, the facility has been used for the storage and handling of diesel fuel of the Italian subsidiary of the Spanish multinational Repsol YPF and since 2010 for Saras Raffinerie Sarde spa. In 2021the company had a turnover of €1.5 million, with an EBITDA of just under €400,000 and a net financial debt of €1.7 million.

The Torre Annunziata coastal depot thus joins Ludoil’s various logistics hubs located in other Italian locations, such as Civitavecchia, Vibo Valentia, Trieste, Visco, and Nola, which together exceed 600 thousand cubic meters of capacity. The acquisition of Isecold is part of Ludoil Group’s value chain consolidation strategy, strengthening its presence in central and southern Italy. As planned for other logistics infrastructures, expansion works have been planned for Isecold’s coastal depot to increase storage capacity, with a focus on the share of sustainable fuels, and to orient operations toward a green perspective.

Ludoil Energia, through a fleet of tankers, manages the holding company’s commercial activities, focusing on the wholesale of petroleum products both to the retail segment with its own fueling stations and to the extra-network segment, an area in which the marketing of VLSO marine fuel oils and gas oils for ships and ferries is also included. In 2021, Ludoil Energia had revenues of €1.03 billion, EBITDA was €28.5 million, and net cash of €35.2 million

The parent company, Ludoil Energia, is an integrated energy group with headquarters in Milan and administrative headquarters in Nola (Naples), present along the entire value chain: from supply to distribution, from renewables to the circular economy. A wholly owned subsidiary of Donato Ammaturo, who founded the holding company in 1998, Ludoil incorporated the Darm Petroli Group in 2001, consolidating two important sales channels: the network channel, consisting of fuel distribution facilities, and the extra-network channel, which focuses on the independent sale of ra-nated products.

In 2009, Ludoil’s network channel then grew significantly following the acquisition of 54 service stations from Shell Energy Italia and 22 from Q8 Group, while in 2012, in the renewables sector, through the company Windfinder, the construction of wind energy parks was started and numerous investments in small photovoltaic energy parks were undertaken throughout Italy.

In the years that followed, Ludoil Energia then continued to invest, acquiring from UniCredit all the oil assets of the company Italpetroli spa, now divided into the three companies Sodeco and Petroli Investimenti in Civitavecchia, and Meridionale Petroli in Vibo Valentia, and acquiring from ENI the Jet Fuel depot in Civitavecchia, along with the more than 63-km-long pipeline linking the facility to Pantano di Grano, the aviation fuel hub for the international airports of Rome Fiumicino and Rome Ciampino. Two years ago Ludoil also became the main provider of maritime services and supply of fuel oils for Bunker use in the port of Civitavecchia.

Finally, we recall that last December Ludoil Energia signed an agreement with Intesa Sanpaolo for the recession of tax credits related to the Superbonus, following the conversion into law of the Decreto Aiuti Bis, with a fiscal value of €1.3 billion.

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(Featured image by Francesco Boncompagni via Unsplash)

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