Icop SpA signs a non-binding agreement to acquire 51% of Ediltunnel
Quick Look
- Icop SpA Società Benefit has signed a non-binding agreement to acquire 51% of Ediltunnel SpA, a Lecce-based company specialized in trenchless technologies, as part of its 2026-2029 Industrial Plan.
- The operation aims to integrate complementary skills and expand the group's offering, accelerating Ediltunnel's international growth.
- The Ricchiuto family will retain 49% and operational leadership.
AI-generated summary
Why It Matters
Ediltunnel, founded in 1996 by Rocco Ricchiuto, is a Lecce-based company specializing in trenchless technologies such as microtunneling, controlled horizontal drilling and auger boring, with 70 employees and significant financial results in 2025.
Icop SpA Società Benefit has signed a non-binding agreement with the shareholders of Ediltunnel SpA, of Lecce, to acquire 51% of the company's capital. The operation is part of the strategy of Icop's 2026-2029 Industrial Plan and involves the integration of complementary skills and services in trenchless technologies and aims to expand the Icop Group's offering and accelerate Ediltunnel's growth on foreign markets.
Established in 1996 by Rocco Ricchiuto, Ediltunnel was born in the hydraulic construction sector and specializes in underground works; operates in microtunneling, controlled horizontal drilling (TOC/HDD) and auger boring. It employs 70 people. The Ricchiuto family will retain 49% of Ediltunnel and Elisabetta Ricchiuto will retain the position of CEO.
For Piero Petrucco, CEO of Icop, "the entrepreneurial vision of the founder Rocco Ricchiuto and the work of the people who contributed to the development of the company have given rise to a technical and operational excellence that will make an important contribution to our Group".
Elisabetta Ricchiuto expressed "enthusiasm" for the business project in which they "were called to participate. Trenchless is our profession, our tradition and our future".
In 2025 Ediltunnel recorded a production value of 17.1 million euros, Ebitda of 7.3 million and net profit of 4.4 million. In the first half of 2026 the value of production amounted to 12 million. The non-binding agreement provides for an indicative valuation of Ediltunnel based on an Enterprise Value (debt free, cash free) equal to 6.5x the 2025 adjusted Ebitda, which will be verified as part of the due diligence. Reciprocal put and call options will be granted for the purchase of a further 49%. Signing is expected by the end of the year.
What to Watch
AI outlook — possibilities, not facts
The binding agreement for the acquisition of 51% of Ediltunnel will be finalized by the end of 2026.
Likely · Within months
Icop will integrate Ediltunnel's skills into its trenchless service offerings to expand its presence in foreign markets.
Very likely · Within months
Open Questions
- What will be the final terms of the agreement after due diligence?
- How will the operational integration between Icop and Ediltunnel be structured?
- What are the specific plans for the international expansion of Ediltunnel under the control of Icop?
