FIVES ENERGY CRYOGENICS acquired by ALFA LAVAL
Context
Alfa Laval has completed the acquisition of Fives Energy Cryogenics, the specialized cryogenic business unit previously held by the French industrial engineering group Fives. This transaction involves the transfer of all cryogenic operations, including engineering, design, and manufacturing assets, to Alfa Laval’s Energy division. The acquisition serves as a strategic portfolio alignment for both parties. For the seller, the divestiture allows for a reduction in financial leverage, enabling the group to refocus capital and management resources on its core industrial engineering and technology development priorities. For Alfa Laval, the deal is a highly synergistic expansion of its existing process technology platform. By integrating Fives’ proprietary cryogenic hardware—specifically its high-efficiency heat exchangers and pumps—Alfa Laval significantly strengthens its position in the energy transition market. This move allows the combined entity to offer a broader, more robust suite of solutions for the liquefaction, storage, and transport of sustainable energy sources, including LNG and hydrogen.
By taking control of Fives Energy Cryogenics, Alfa Laval continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Nrg Marine in 2025.
FIVES ENERGY CRYOGENICS, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.6x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Fives Cryogenics is a leading industrial engineering entity specialized in the design and manufacture of high-performance cryogenic equipment. The company possesses deep technical expertise in heat transfer and fluid handling, particularly for applications requiring the processing of gases at extreme temperatures. Its portfolio includes high-efficiency heat exchangers and cryogenic pumps, which are essential components in the liquefaction, regasification, and transport of critical industrial gases, including LNG, hydrogen, nitrogen, and carbon dioxide. The business model is built on providing engineered-to-order, safety-critical hardware that meets stringent international regulatory standards for the energy and gas processing sectors.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 500M - 1.5b EUR
Revenue range: 150M - 250M EUR
EBITDA range: 25M - 50M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: alfa laval