December 9, 2019 | Deals

GCA Altium advises Hitachi Ltd on the sale of the HIEE Energy Division to Seingim

GCA has acted as financial advisor to Hitachi Ltd on the sale of the Energy Division of Hitachi Industrial Engineering EMEA S.r.l. (HIEE) to Seingim S.r.l., a leading Italian company in the engineering sector.

HIEE, formerly called Valcom, was established in 1989 and acquired by Hitachi in 2014. HIEE mainly focuses on providing project engineering and project management services to large EPCs.

Seingim, based in Italy, operates eight offices and employs a specialist team of engineers, experts, architects and surveyors. The company has achieved a constant 40% annual growth rate and posted revenues exceeding EUR 20m in 2018. Seingim focuses on plant engineering projects, from large oil platforms to residential construction, offering an integrated solution and providing the staff and technology to meet its customers’ needs and contribute to civil and industrial engineering progress. Seingim works with large industrial firms as Fincantieri, Eni, Enel, Ansaldo, Sapio and Unicredit, among others.

Following the acquisition a new group company, Seingim Oil & Gas, will be established with a focus on electrical engineering, instrumentation and automation services for the health, safety and environment areas of oil and gas plants and other infrastructure sectors in the EMEA region. The company will integrate HIEE’s 31 existing employees – designers, experts in electrical systems, instrumentation and automation – into its existing team, bringing Seingim’s number of employees to over 200 by the end of the year.

Hisashi Nishikawa, Chairman & CEO of HIEE, said: “With its commitment to achieving ambitious and robust growth in the engineering services domain we consider Seingim as the best company for HIEE to further develop its expertise and capabilities and where our employees can pursue exciting new career opportunities.”

This transaction marks the second cross-border deal between GCA Altium’s Italian and Japanese teams in the last year.

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