The advisors in the corporate reorganization at VALMEX

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Bacciardi Partners assisted MVM and the Capodagli family in the negotiation and conclusion
of the agreement to purchase from the Spanish partner Orkli, assisted by EY, a further 15%
stake in the capital of Valmex, thus achieving a majority shareholding of 75%.

The Agreement reached between MVM Investimenti and Orkli lays the foundations to ensure
a further stage of growth for Valmex, which for years has been a world leader in the production
of high-efficiency heat exchangers. In this respect, Valmex’s strategic business plan for the
next five years envisages further growth in the markets of Europe, North America and the Asian
region, where Valmex has planned to locate its Chinese subsidiary in cooperation with Orkli.

Bacciardi Partners and EY respectively assisted MVM Investimenti and the Capodagli family,
on one side, and Orkli, on the other side, in the negotiation of the legal instruments aimed at:
• the purchase and sale of the stakes in the capital of Valmex and the Chinese subsidiary;
• the reorganisation of governance in Valmex and the Chinese affiliate;
• the implementation of commercial strategies in the territorial areas of interest;
• the license of the use of product and know how in favour of the Chinese affiliate.

Bacciardi Partners acted through a team led by managing partner Lorenzo Bacciardi,
LL.M. with the collaboration of partner Pier Federico Orciari and junior associates Gianluca
Bastianelli, Irene Cappelli and Rebecca Milandri.

MVM and the Capodagli family were assisted for the financial and industrial strategy aspects
by the firm Sofimar and, in particular, by Massimo Gualandri.

EY assisted the seller with a team coordinated by partner Christian Busca and composed of
manager Erjena Agaraj, partner Aldo Brielli, manager Francesco Lauria and Iolanda Severino.
For the financial and M&A strategy profiles, EY acted with a team composed of partner Jose
Maria Rossi, manager Sebastian Capurro Boltendahl and senior Javier Barrientos Garcia.

In the period 2015-2022 VALMEX has achieved enormous results in terms of technological
and product innovation, automation of its production, international commercial expansion,
tripling its enterprise value.