Endurance Technologies Limited has acquired a 100% stake in Italian automotive component maker Fondalpress SpA and its parent Anna Milena SpA for €12.34 million. The acquisition, executed through wholly owned subsidiary Endurance Overseas SpA, expands the company's aluminium die-casting footprint in Europe.

The transaction was completed on October 6, 2026, via a share purchase agreement. Endurance Technologies stated that the move aligns with its strategy to strengthen manufacturing capabilities and enhance customer reach in the European market. The deal provides immediate access to strategically located land, buildings, and high-quality machinery, addressing capacity constraints and enabling the insourcing of previously outsourced products.

Acquisition structure and financials

Endurance Overseas SpA acquired 100% of the shares in Anna Milena SpA, which holds a 99.5% stake in Fondalpress SpA. The remaining 0.5% stake in Fondalpress was purchased directly from individual shareholders. The consideration was paid entirely in cash, with signing and closing occurring simultaneously as no regulatory approvals were required.

The target companies hold cash and cash equivalents estimated at €10.10 million. Consequently, the effective net consideration for the acquisition translates to €2.24 million.

Target company performance

Fondalpress is engaged in the die-casting and machining of aluminium components for automotive applications. Anna Milena operates primarily as a holding company managing real estate properties. The following table outlines the key financial metrics for both entities based on available data:

Note: FY25 figures are based on unaudited or provisional management accounts.

Strategic rationale

The acquisition allows Endurance Technologies to integrate an established European supplier into its supply chain. By acquiring Fondalpress, the company gains ownership of critical production assets that support upcoming demand requirements. The filing confirms that the transaction does not constitute a related party transaction, and neither the promoter nor the promoter group holds any interest in the target entities.

What the numbers show

A comparison of Fondalpress’s financial trajectory reveals a divergence between revenue contraction and profitability decline. While turnover fell from €36.40 million in FY23 to €32.20 million in FY24, and further to €26.60 million in FY25, profit after tax shifted from a positive €0.30 million in FY23 to a loss of €0.50 million in FY25. Despite this operational deterioration, the acquisition price of €12.34 million remains significantly below the combined net worth of the targets (€21.80 million as of FY24), suggesting the valuation may reflect the distressed nature of Fondalpress’s recent earnings or the value of its tangible assets rather than current cash flows.

Endurance Technologies Limited subsidiary Endurance Overseas SpA acquired the remaining 32% equity stake in Stöferle Automotive GmbH and Stöferle GmbH for €18 million on September 29, 2026. This move secures full ownership of the German automotive casting businesses, accelerating the timeline originally set for June 2030.

The transaction was executed via an Amendment Agreement to the Share Purchase Agreement dated December 12, 2024. Prior to this deal, Endurance Overseas SpA held a 68% stake in the Stöferle entities. The accelerated acquisition allows the company to eliminate minority shareholder considerations and streamline governance under a single ownership structure.

Financial Terms and Valuation

The upfront cash consideration of €18 million is lower than the originally agreed purchase consideration of €20.13 million. This reduction reflects a negotiated price for acquiring the balance stake ahead of the scheduled tranches. The filing notes that paying less now mitigates the risk of higher future payments if the target companies' performance exceeds base case assumptions.

Target Entity Performance

The Stöferle entities specialize in machined aluminium castings for automotive applications. Data from audited financial statements as of March 31, 2026, shows combined turnover of €93.3 million. Stöferle Automotive GmbH reported turnover of €76.4 million, while Stöferle GmbH recorded €16.9 million.

Historical Turnover Trends

What the Numbers Show

The acquisition price of €18 million for a 32% stake implies an implied enterprise value significantly below the historical peak revenue levels. While Stöferle Automotive GmbH saw revenue dip from €79.4 million in December 2024 to €76.4 million in March 2026, the fixed acquisition cost locks in the valuation before potential recovery or further decline impacts the price. Furthermore, the €2.13 million saving against the original agreement represents a direct immediate benefit to Endurance's capital allocation efficiency.

Regulatory and Strategic Context

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction constitutes a related party transaction as the divesting shareholders are directors or relatives of directors of the Stöferle entities. However, the company stated the deal was conducted on an arm's length basis and is beneficial to the company. No governmental or regulatory approvals were required, and the acquisition took immediate effect upon execution.