1 July 2026 Success Stories
EIC Survive & Thrive 2026
EIC Survive & Thrive X
113
Success Stories July 2026
Story type
Lever
#transformation (main category) #optimisation #resilience #service & solutions
How radical simplification turned a diluted business back into a reputed specialist Gregorio Giuliani Sales Director at Lever
How is Lever thriving? After making the bold decision to cut its product range from 30 lines to just four and exit non-energy markets entirely, Italian power electronics manufacturer Lever has grown revenues from €6m to €15m in three years. Win rates have more than doubled, from 5% to 12%, and seven major end-user approvals have been secured in oil and gas and power utilities, including Abu Dhabi National Oil Company (ADNOC), thereby validating the return to a project-based identity on which the company was founded. The challenge - Lever was established in Verona in 1973, building a reputation over the ensuing decades for customised, high-engineering UPS systems, battery chargers, rectifiers and inverters for complex industrial projects. In 2008, the introduction of its UPS product range opened new international markets, particularly in oil and gas. But in 2012, the company began adding standard, commercial UPS lines – sold through distributors, at lower margins, to a much wider range of end markets including hospitals, retail and municipalities. Turnover grew, but the reverberations were damaging. Spread across 30 product lines and dozens of sectors, Lever’s identity blurred. It was no longer clearly a specialist, and clients accustomed to its high-engineering pedigree began to struggle to distinguish it from the commodity suppliers it had started to resemble. By 2020, during the pressures of the Covid-19 pandemic, the business was losing competitiveness and, critically, losing its sense of purpose. The solution - The diagnosis was clear, even if the remedy was initially an uncomfortable one to enact. In 2021, Lever’s Sales Director Gregorio Giuliani – part of the second generation of the family now running the business – took the decision to reverse course entirely. Commercial, standardised product lines were discontinued. The company’s focus was narrowed to oil and gas and power utilities exclusively. Of 30 product models, 26 were cancelled, leaving four in its portfolio. The immediate consequences were significant. Revenue fell by approximately 30%, eight redundancies were made and a sub-
Benefits ▸ Increased revenues from €6m to €15m in three years and more than doubled project win rates from 5% to 12%.
stantial number of distributor and partner agreements were wound down. But the rationale was sound: Lever knew how to do project-based work exceptionally well, and the commoditised path had been pulling it away from that strength for nearly a decade. The priority now was to rebuild on solid ground rather than recover lost commercial volume.
▸ Secured seven major end-user approvals and reduced product delivery times to just 20 weeks.
Rebuilding took patience and persistence. The most pressing task was restoring Lever’s standing with its target clients – returning to original customers, re-establishing project-based relationships and getting back onto approved vendor lists. This meant absorbing short-term commercial pain to secure longterm positioning, including taking on early contracts at unfavourable terms simply to rebuild trust and track record. Partners and distributors were also rationalised, with those not aligned to the new specialist focus replaced by like-minded collaborators who shared Lever’s project-based philosophy.
▸ Use technology as a helpful tool, but
Alongside this, Lever invested heavily in the foundations that would make the refocused business genuinely competitive. Manufacturing capacity doubled over five years, supported by a €2m factory expansion that took floor space from 2,000 to 5,000 sqm. The in-house research and development team of 10 engineers continued developing proprietary power electronics technology, a move which has given Lever full control over its product performance and customisation capability. Delivery times, meanwhile, have been reduced to as little as 20 weeks against a typical competitor lead time of a year – this has become a key commercial differentiator. This capability was recently demonstrated in the supply of replacement equipment for the ADNOC Rich Gas Field Development project, where Lever managed to deliver within just 20 weeks from purchase order while adapting the equipment to the space constraints of an existing plant. The results so far have more than vindicated the strategy. In the three years since revenues bottomed out at €6m in 2022, the company has built back up to €15m turnover, with a further 8% growth projected for 2026. Win rates have climbed from 5% to 12%, with a target of 15% well in sight. Seven significant end-user approvals have been secured, including ADNOC, and this has opened a pipeline of sustained work across the Gulf Cooperation Council (GCC) region. Indeed, Lever is now pre-specified on the approved lists of a growing number of Tier 1 EPCs, meaning its equipment is recommended before tenders are even issued.
Key findings For young people don’t let it think for you. Strive to achieve something meaningful so you can look back on a life well-lived.
For industry ▸ Create a supportive environment for do-
mestic talent to thrive, preventing the ongoing brain drain of skilled workers moving abroad.
For government ▸ Establish a clear strategy to support busi-
ness growth and address the worrying trend of manufacturing de-industrialisation.
Lever at a glance: Key products and services: design and production of UPS, battery chargers, rectifiers and inverters. Main industries served: ▸ Oil and gas – 30% ▸ Conventional power – 30% ▸ Data centres – 14% ▸ Carbon capture – 9% ▸ Energy storage – 9% ▸ Nuclear power – 4% ▸ Others (energy) – 4% Headquarters: Negrar di Valpolicella, Italy Year established: 1973 Number of employees: 40 Revenue: approximately £12.9m Revenue from exports: 80%
More broadly, the business has regained the clarity of identity that made it worth building in the first place. With its scope of work unambiguous, its client relationships deepening and its manufacturing capability expanding, Lever is well placed to continue growing as the specialist it originally set out to be.