Lindbergh (LDB.MI): Rolling up Italian HVAC with vendor loans [Update]

In this Business Breakdowns, David Barbato sits down with Lindbergh’s (LDB.MI) CEO Michele Corradi and COO Andrea Allegrini. The company was originally profiled by MicroCapClub member "mavix" on October 2nd, 2023, at $2.09 EUR per share.

This discussion took place live on October 13th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - microcapclub.com/#join

Michele and Andrea explain how they pay about 4 to 4.5 times EBITDA, mostly through vendor loans that the acquired company’s own cash pays off. They also talk about why they now prefer adding companies in regions where they already operate, and how they find each local manager inside the company they buy. Later they cover the end of Italy’s gas boiler incentives, getting acquired companies to collect cash on time, and the shift toward cooling work in the summer months.

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Previous BB with Lindbergh: youtube.com/watch?v=lGxsSMCA9Ek

Chapters

00:00 Intro
02:33 From waste pickups to an HVAC roll-up
08:52 First-half results
14:00 Spare parts delivered by 7 a.m.
24:19 How they buy HVAC companies
26:28 Paying with vendor loans
29:53 Q&A begins
32:15 Why deals have slowed down
36:33 Competing with private equity
41:55 What makes a good target
44:30 The case for B2B maintenance contracts
48:15 Raising Alpiclima’s margins
53:44 The job ends when the cash is in the bank
58:13 Italy ends gas boiler incentives
1:01:17 Hotter summers, less seasonality
1:04:37 The next 20 years

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