In 1915, Bruno Janz, of Austrian descent, opened an electrical components business in Lisbon, having been the major supplier of electricity meters in Portugal, until, in 2018, this branch of activity went into insolvency.
Two years later, the heirs of Bruno Janz, who in 1940 started with the manufacture of water meters, have just sold to the Italian group SIT Janz – Contagem e Gestão de Fluidos (CGF), manufacturer of water meters, for 28 millions of euros.
“The legacy developed over the four generations of the Janz family is guaranteed in this transaction, which will allow the business to grow, supported by the recognized ‘know how’ of the SIT group in smart metering, a crucial tool in the current market of accountants”, said Manuel Janz , president of BJH, the family holding company that controlled Janz CGF, in a statement from SIT.
In addition to the agreed purchase and sale value, the Janz family may also receive an additional € 800,000, “based on meeting targets” stipulated for 2021, with the conclusion of the transaction, scheduled for next December, still dependent on the obtaining regulatory authorizations.
Janz CGF, whose industrial facilities are located on Avenida Infante Dom Henrique, in Lisbon, in an area of 11 thousand square meters, employs 250 people and closed the year 2019 with a turnover of 18.6 million euros, registering an average growth annual increase of 9% in the last five years, stressed STI.
Of the total sales, to around 25 countries, 6.7 million euros were generated in Portugal, where SIT guarantees that Janz has “a 50% market share”, 7.8 million in the remaining European markets and 2 , 2 million euros in South American territory.
Focused on the smart meter business, among other consumption measurement solutions in the areas of environment and energy, SIT classifies the acquisition of Janz as “strategic”, which thus expands its water meter portfolio, “a market that should grow strongly in the coming years, mainly for smart meters connected to communications networks “, signaled the Italian group.
“The goal is to build an international ‘player’ of smart gas and water meters, becoming a center of excellence in measurement and communication technologies in support of public service networks,” said Federico de ‘Stefani, president of SIT.
In Portugal, in the purchase and sale of Janz CGF, BJH was advised by the law firm Garrigues and SIT by PLMJ.
(News updated at 13:12)