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.

What was the EBITDA of INCICO during the acquisition?

INCICO's EBITDA is estimated to be in the range of 0M - 5M EUR.

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/

What is the average EV/EBITDA multiple for the Business Services sector in 2026?

The average EV/EBITDA multiple for the Business Services sector in 2026 is 11.4x.

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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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.4x).

-> 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.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: vulcain ingenierie