At what enterprise value was INCICO acquired in 2025?

You can find the full valuation details of INCICO on mynth capital. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of INCICO when it was acquired by VULCAIN INGENIERIE?

The exact EV/EBITDA multiple for INCICO is available on mynth capital. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.1x. Join our community for free to access full valuation data and industry trends.

When was INCICO acquired by VULCAIN INGENIERIE?

INCICO was acquired by VULCAIN INGENIERIE in 2025.

What was the revenue of INCICO at the time of the deal?

The revenue of INCICO at the time of the deal is estimated to be in the range of 5M - 25M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of INCICO during the acquisition?

INCICO's EBITDA is estimated to be in the range of 0M - 5M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the INCICO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the INCICO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://bebeez.it/private-equity/vulcain-engineering-ardian-tikehau-emz-compra-litaliana-incico/

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Home Database Business ServicesINCICO

12/2025

INCICO acquired by VULCAIN INGENIERIE

ITALY Industrial Services / Engineering & Consulting REV 5M - 25M EUR

Context

Vulcain Engineering Group has acquired a majority stake in Incico. The current CEO and key management have reinvested to retain a minority stake and will continue to lead the company. Historical shareholder Giovanni Monini sold his stake but remains as VP of Business Development. Ten other managers also entered the capital structure. This acquisition serves as Vulcain's strategic entry point into the Italian market, with plans to double Incico's Italian revenue to EUR50m within three years.

INCICO, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.1x).

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.

-> Deep-dive in Business Services market trends

Target

Founded in Ferrara, Incico is a leading Italian multi-disciplinary engineering firm. It specializes in designing complex infrastructures and Corporate plants for the Energy, Process Industry, and Infrastructure sectors. Recently, it expanded into the railway and road sectors by acquiring Italiana Sistemi in July 2025.

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2023

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REFERENCES

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of INCICO by VULCAIN INGENIERIE are reserved for mynth community members. Register for free to unlock full data.

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: vulcain ingenierie