10 Nov 2025

Legance and Advant Advise on Winkelmann’s Acquisition of Elbi

"Legance advised the Winkelmann Group in the acquisition of all shares in Italian tank manufacturer Elbi, while Advant NCTM represented the sellers. KPMG provided tax and financial advice to Winkelmann, ERM advised on compliance and environmental matters, and TBS Notai handled notarial formalities."

Legance represented the Winkelmann Group in the transaction, while Advant NCTM represented the sellers. KPMG provided tax and financial advice to Winkelmann, ERM advised on compliance and environmental matters, and TBS Notai handled the notarial formalities for the share transfer. The transaction: The Reflex division of the German Winkelmann Group acquired all shares of Elbi. Winkelmann Building+Industry, with its flagship brands Reflex and Nema, is a global leader in water-based heating, cooling and HVAC technologies. Elbi is a key player in the Italian market for heating, cooling and solar tanks and for storage tanks. Legance represented the Winkelmann Group with a team composed by: Sven von Mensenkampff (team lead), coordinated by Alessandro Airaghi, and Andrea Serafini and Alberto Bason (Corporate/M&A); Francesco Venturi (Employment); Gabriele Capecchi, Francesco Castoldi and Giuliana Serra (Real Estate); Giuseppe Todaro, Valentina Pezzuto and Alessia Di Mascio (Compliance); Monica Riva, Carlo Polizzi and Cecilia Ometto (IP); Francesca Ferrari (Data Law); Lorenzo Minotti (Environmental); Jacopo Figus Diaz (Merger Control); Valerio Mosca (FDI/Golden Power); Simone Schiavini (Tax). Advant NCTM represented the sellers with a team composed by: Matteo Trapani, Francesco Loizzi, Iacopo Randazzo and Giacomo Calanna. KPMG advised the Winkelmann Group on tax and financial matters. ERM advised on compliance and environmental matters. TBS Notai provided notarial assistance, with Mathias Bastrenta overseeing the certification of the share transfer and the related formalities.
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