Oct 14, 2026 · 1h 6m
Lindbergh builds an Italian HVAC roll-up around recurring service
Lindbergh (LDB.MI): Rolling up Italian HVAC with vendor loans [Update]
The conversation shows how a focused Italian operator combines vendor-financed acquisitions, shared systems, and maintenance revenue while adapting to a changing heating market.
- 1Lindbergh typically funds acquisitions at 4–4.5 times EBITDA through vendor loans and integrates them with a common ERP.
- 2The company is shifting beyond gas-boiler incentives toward heat pumps, cooling, and less seasonal recurring B2B maintenance.
- 3Management weighs technician loyalty, customer relationships, cash collection, and culture alongside financial returns when selecting targets.
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Michele Corradi explains why Lindbergh evaluates technician loyalty, recurring revenue, customer relationships, and operational capability—not just financial metrics—when pursuing acquisitions.
The brief
David Barbato speaks with Lindbergh CEO Michele Corradi and COO Andrea Allegrini about the company’s path from logistics and waste services into Italian HVAC maintenance.
Lindbergh’s acquisition model targets new territories and local density, typically paying 4–4.5 times EBITDA with vendor loans before applying a shared ERP and operating discipline.
The harder question is integration: management must preserve technician loyalty and customer relationships while improving purchasing, receivables, margins, and cash collection across acquired businesses.
As Italian gas-boiler incentives end, heat pumps, cooling, and recurring B2B contracts become more important, helping balance weather-driven demand and reduce seasonality.
The closing discussion returns to Lindbergh’s next twenty years, with culture, people, and long-term collaboration presented as constraints on growth rather than slogans.