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.

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 premium to the average currently observed in the Industry & Manufacturing sector (10.9x).

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