Accelleron to acquire Officine Meccaniche Torino S.p.A. (OMT) to reinforce its leading market position in technologies to decarbonize the marine industry

Accelleron today announced its upcoming acquisition of OMT, a leading manufacturer of fuel injection systems for marine engines. The acquisition is expected to be completed within the next few weeks.
Founded in 1930 and based in Turin, Italy, OMT serves engine builders with high precision fuel injection
equipment with a focus on marine propulsion. It has about 250 employees, mainly based at its Italian
headquarters. It achieved revenues of approximately EUR 52 million in 2022, of which the majority was
generated through service-related demand and has a margin profile of above 20% EBIT.

The acquisition in the high double-digit million EUR range is an important milestone, marking a positive step in Accelleron’s growth strategy as an independent, listed company. Acquiring the market leader in the two-stroke engine sector reinforces Accelleron’s position as a partner of choice and leading innovator in the development of alternative fuel technologies, such as hydrogen, methanol, and ammonia, for large marine engines and other heavy-duty applications. Moreover, fuel injection is, like the turbocharger, a mission critical and engine performance defining component with intensive service needs.

Benefitting from complementary R&D competencies, an enhanced technology ecosystem as well as new fuel development initiatives, Accelleron will be able to better support clients to achieve their sustainability goals and decarbonize the shipping industry. The acquisition will further enrich Accelleron’s portfolio to better support customers with digital solutions.

Daniel Bischofberger, CEO of Accelleron said: “Decarbonization is the key market driver of our industry. As a leader in technology and commercial prototype projects with alternative fuels, this move to add fuel injection systems to our already comprehensive turbocharger portfolio is of strategic importance to Accelleron. It is designed to support our OEM customers to develop more fuel-efficient propulsion solutions and the operators to reduce their life cycle costs and carbon footprint. In addition, this acquisition strengthens Accelleron’s core business as well as its attractive financial profile with sustainable revenue growth, resilient margins, and strong cash flow.”

Giovanni Musso, CEO of OMT, added: “We are delighted to be part of Accelleron’s new independent growth story, and the transaction gives our technology and dedicated workforce a global platform to further expand.”

Together, Accelleron and OMT will advance the energy transition in shipping. Accelleron will take over OMT in its entirety, retaining all employees as well as the brand name. Accelleron and OMT remain committed to deepening relationships and cooperation with OEMs, including across its service businesses.

OMT adds inorganic revenue growth of at least 52 million Euro on an annualized basis on top of Accelleron’s guided organic revenue growth of 2 to 4% for 2023. The inorganic growth contribution for 2023 will depend on the closing date from which OMT will be consolidated within Accelleron’s financial statements.

Post-closing and ex-dividend, Accelleron expects the net leverage for the financial year 2023 to be slightly above 1.0. Assuming a normal business environment, Accelleron intends to pay out a dividend in 2024 which is at least stable compared to the dividend payout in 2023.