SPIE Deepens German Industrial Grip with ROFA Automation Buyout

CERGY, FRANCE – March 02, 2026 – In a strategic move set to reshape the German industrial services landscape, SPIE SA has announced a definitive agreement to acquire ROFA Industrial Automation AG. The acquisition of the Bavarian-based automation specialist marks a significant escalation of SPIE's ambitions, positioning the European multi-technical services leader to capitalize on the booming demand for factory automation and intralogistics.

This deal reinforces SPIE's standing in Germany, which became its number one market in 2024, and follows its successful integration of industrial service provider Robur. By absorbing ROFA, a company with projected 2025 revenues of approximately €430 million, SPIE is not just expanding its portfolio but strategically moving up the industrial value chain, adding high-demand, technology-driven solutions to its core offerings in energy and communications.

A Strategic Push into High-Growth Automation

The acquisition provides SPIE with immediate, deep-seated expertise in some of the most dynamic sectors of modern industry. ROFA, founded in 1967, has evolved from a regional conveyor technology firm into an international system integrator. Approximately 80% of its business is dedicated to turnkey factory automation solutions, with the remaining 20% focused on warehouse and logistics automation. This specialization is critical in a German market driven by the principles of Industry 4.0, a national strategic initiative to establish the country as a lead market for advanced manufacturing solutions.

ROFA’s offering is comprehensive, spanning the entire project lifecycle from initial consulting and software engineering to manufacturing, commissioning, and after-sales services. Its technological arsenal includes advanced conveyor systems, Automated Guided Vehicles (AGVs), high-bay warehouse technology, and sophisticated picking and sorting systems. This expertise directly addresses the pressures facing modern industry: the relentless growth of e-commerce, persistent labor shortages, and the urgent need for more resilient and efficient supply chains. With Germany's e-commerce market projected to encompass over 68 million users by 2025, the demand for sophisticated intralogistics to manage fulfillment centers and distribution hubs is at an all-time high.

By acquiring ROFA, SPIE gains a robust portfolio of blue-chip clients in resilient sectors such as automotive, logistics, food and beverage, and pharmaceuticals. This diversifies SPIE's own customer base and opens up significant cross-selling opportunities, allowing it to offer its multi-technical services to ROFA’s clients while introducing advanced automation to its own.

Bolstering Germany's Industrial Services Leader

For SPIE, this transaction is a calculated step in a broader strategy to consolidate its leadership in the German market. The move builds directly on the momentum from its 2024 acquisition of Robur, which significantly strengthened its industrial services division. The addition of ROFA propels this strategy forward, enabling SPIE to offer more integrated and higher-value solutions.

Markus Holzke, Managing Director of SPIE Germany Switzerland Austria, highlighted this strategic evolution. “We are very pleased to pursue the development of our industrial activities in Germany with the acquisition of ROFA,” he said. “This transaction will allow SPIE to expand into industrial automation and intralogistics solutions, moving significantly up the value chain. We are delighted to welcome the management team and its highly skilled collaborators to further accelerate the development of our business.”

The acquisition is seen as a perfect fit for SPIE's long-term growth ambitions, aligning with its focus on driving the energy transition and responsible digital transformation for its customers. By integrating ROFA's automation prowess, SPIE can more effectively support clients in creating smart, energy-efficient factories and warehouses.

Gauthier Louette, Chairman and CEO of SPIE, emphasized the strategic importance of the deal. “The acquisition of ROFA strengthens SPIE’s position as a leading player in industrial services in Germany. It represents a significant step forward for SPIE in its largest strategic market and is fully aligned with the Group’s ambition to broaden its range of expertise. The transaction is expected to create substantial value, supported by attractive prospects for growth and profitability."

Financial Synergy and Market Impact

The financial structure of the deal underscores its strategic value. The transaction is valued at a high single-digit EBITA multiple and is expected to deliver mid-single-digit adjusted earnings per share (EPS) accretion for SPIE from the first year of consolidation. This indicates that ROFA is not only a strategic fit but also a financially sound and profitable enterprise, boasting a high single-digit EBITA margin that will bolster SPIE's overall financial performance.

Crucially, SPIE plans to self-finance the acquisition, a testament to its strong balance sheet and robust free cash flow, which reached €570 million in 2024. This approach will have a limited impact on the company's leverage ratio, allowing it to maintain financial flexibility for future growth initiatives. The combination of SPIE’s €9.9 billion in 2024 revenue with ROFA’s projected €430 million creates a formidable entity in the European industrial services sector.

The commercial synergies are a key driver of the deal's value. SPIE can now bundle its expertise in energy infrastructure, technical facility management, and communications technology with ROFA’s advanced automation systems, creating a one-stop shop for complex industrial projects.

Navigating the Path to Completion

Under the terms of the agreement, SPIE will acquire approximately 99% of ROFA's share capital at closing. In a move designed to ensure continuity and leverage existing leadership, the current ROFA management team will retain the remaining 1% shareholding and remain in place to drive the business forward. This structure, which includes put and call mechanisms on the remaining stake, suggests a collaborative approach to integration rather than a simple takeover.

Andreas Bauer, CEO of ROFA, expressed confidence in the new partnership. "In recent years, ROFA has established itself as the leading player in industrial automation in Germany, supporting customers worldwide," he explained. "We are convinced that, as part of SPIE in Germany, ROFA will be able to further strengthen and expand its position. SPIE and ROFA are a natural fit, and we look forward to shaping this next chapter together.”

The transaction is subject only to antitrust approval from regulatory bodies, which will likely include Germany's Bundeskartellamt and potentially the European Commission, given the scale of the combined entities. The process is expected to conclude in the second quarter of 2026. As the two companies prepare for integration pending regulatory clearance, the European industrial services landscape watches closely to see how this new powerhouse will reshape the future of factory and logistics automation.