What Veroniki Holding does

Veroniki Holding S.p.A. is a privately-held Italian holding company constituted in 2010 by Daniela Veronica Gusa de Dragan as the sole coordinating structure of the Dragan Group, whose operating roots date to 1948 with the founding of ButanGas S.p.A. Headquartered in Milan via Via Larga 9/11, the group operates across 8 European countries through 33 entities and approximately 1,350 employees. Its core business is the distribution of LPG (liquefied petroleum gas), sold in bulk and cylinders through six country-specific brands: ButanGas in Italy, PetroGaz in Greece, DrachenGas in Germany, ButanGas Romania, ButanGas International in Serbia, and DragonGaz in Poland. The distribution platform is supported by owned logistics infrastructure, including storage depots of 3,600 m³ in Domegliara and 54,000 m³ in Brindisi, and by owned maritime gas carriers (Veroniki III and IV) operated through the Veronaus and Mare Vera shipping entities.

Beyond LPG, the group runs diversified businesses under the holding umbrella: renewable energy generation through Veroniki Wind (25 MW wind farm in Silistea, Romania), Veroniki Water Power (4,000 kW of mini-hydroelectric capacity), a 1 MW solar park adjacent to the Catania LPG plant, and additional biogas/biomethane projects; electricity and natural gas multiutility supply in Italy through ButanGas; an international real estate portfolio of 244 residential, commercial, and tertiary units across Italy, Spain, Romania, and Greece, including the nòvAmpère sustainable building in Milan and the Veroniki Real Estate Building in Palma de Mallorca; food-grade r-PET and PP packaging production through Veroniki Ecogrup at an EFSA-certified 5,200 m² facility in Contesti, Romania; and cultural/educational operations via Universitatea Europeana Dragan, Fundatia Europeana Dragan Lugoj, and Fundatia General Stefan Gusa.

Revenue is generated primarily through transactional fees on commodity distribution — LPG, electricity, natural gas, and renewable energy output — and through recurring rental income on the real estate portfolio. The company reaches customers via direct sales teams in each operating country, with quote-based pricing that is not publicly disclosed. The corporate structure is a Società Unipersonale controlled by the Dragan family; no external institutional investors or private equity involvement is indicated. Disclosed 2024 group revenue was €678.995M, EBITDA was €40.714M (6% margin), EBIT was €33.831M (5% margin), and net equity was €305.397M.

Name

Veroniki Holding

Legal name

Veroniki Holding S.p.A.

Website

https://veronikiholding.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Veroniki Holding is a family-controlled Italian holding company coordinating LPG distribution across 6 European countries under brands including ButanGas and PetroGaz, with diversified operations in renewable energy, real estate, food packaging, and naval transport.

Ownership category

akta.pro rank

Product category

Energy Distribution (LPG)

NAICS

Petroleum Bulk Stations and Terminals (424710), Fuel Dealers (4572)

SIC

Oil & Gas Field Services, Nec (1389), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

NGL / LPG Storage & Terminals (Propane, Butane, Ethane, Y-Grade) (EUALAEAC)

akta.pro secondary industries

Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD), Metering, Custody Transfer & Terminal Automation (LACT, SCADA, Inventory Systems) (EUALAEAK), Liquid Bulk Storage & Tank Farm Operators (Independent Storage) (TLAHABAM)

Keywords

• LPG distribution
• Renewable energy
• Natural gas supply
• Real estate management
• Plastic recycling

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. LPG Distribution: Core business: distribution and commercialization of LPG (Liquefied Petroleum Gas) across 6 European countries (Italy, Greece, Germany, Romania, Serbia, Poland). Revenue generated from bulk sales, cylinder distribution, and depot operations.
2. Electricity and Natural Gas: Multiutility services for electricity and natural gas in Italy through ButanGas, offering personalized consultancy to optimize consumption for residential and business customers.
3. Renewable Energy: Production and sale of electricity from wind, solar, and hydroelectric sources. Revenue from energy production facilities including the Silistea wind park (25 MW) and mini-hydro plants.
4. Real Estate: Rental income from residential, commercial, and tertiary properties across Italy (77 units), Spain (19 units), Romania (68 units), and Greece (80 units) totaling 244 real estate units.
5. Food Packaging (r-PET): Plastic recycling and production of food-grade r-PET and PP film and containers for food industry customers.
6. Naval Transport: LPG maritime transportation via owned gas carriers (Veroniki III and Veroniki IV) operating since 1952 in Italy and 1973 in Greece.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Veroniki Holding is a diversified Italian holding company that coordinates the Dragan Group's energy and sustainability activities across 8 European countries. Its core offering is the distribution and commercialization of LPG (Liquefied Petroleum Gas) through six subsidiary brands (ButanGas, PetroGaz, DrachenGas, ButanGas Romania, ButanGas International, DragonGaz) in Italy, Greece, Germany, Romania, Serbia, and Poland, supplemented by electricity and natural gas supply, renewable energy generation (wind, hydroelectric, solar, biogas), international real estate management, r-PET food packaging production, and maritime LPG transport.

Product overview

Veroniki Holding S.p.A. is a diversified holding company established in 2010 as the coordinating structure for the Dragan Group (founded 1948). It operates seven business sectors across 8 European countries with 33 entities and approximately 1,350 employees. The core product is LPG (Liquefied Petroleum Gas) distribution under multiple brands (ButanGas, PetroGaz, DrachenGas, ButanGas Romania, ButanGas International, DragonGaz) in six countries. This is complemented by renewable energy generation (wind, hydro, solar, biogas), electricity and natural gas supply, international real estate management (244 units across Italy, Spain, Romania, Greece), food packaging and plastic recycling (r-PET/PP via Veroniki Ecogrup), naval LPG transport, and cultural/educational initiatives through foundations and universities. The portfolio operates as an integrated energy and sustainability ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• ButanGas: LPG distribution brand in Italy
• PetroGaz
• DrachenGas
• ButanGas Romania
• ButanGas International
• DragonGaz
• Veroniki Real Estate
• Veroniki Ecogrup
• Veroniki Water Power
• nòvAmpère

Quantifiable outcome

• 25 MW wind farm capacity in Silistea, Romania (since 2011)
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Liquid Gas EuropeminorOthersIndustry association membership for LPG sector. Veroniki Holding is a member of Liquid Gas Europe, the European industry association for liquefied petroleum gas.
• World LPG Association (WLpga)minorOthersIndustry association membership for LPG sector. Veroniki Holding is a member of the World LPG Association, the global authority for the LPG industry.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SHV Energy: Dutch parent of major European LPG distribution brands including Primagas (Germany), Calor (UK/Ireland), and Primagaz (France). Closest direct comparable to Veroniki's multi-country LPG distribution model with owned logistics and depot infrastructure.
• Antargaz: One of the leading French LPG distributors serving residential, commercial, and industrial customers with bulk and cylinder delivery. Comparable in product/customer mix to Veroniki's ButanGas/DrachenGas operations.
• Primagaz: French LPG distributor (part of SHV Energy) with cylinder and bulk supply across residential and professional segments. Directly comparable to Veroniki's LPG distribution subsidiaries in terms of product offering and customer base.

Broad incumbents

• Repsol: Spanish integrated energy major with an LPG (butano/propano) marketing and distribution business in Spain and Portugal. Comparable as a broader energy incumbent that overlaps in LPG distribution.
• Edison S.p.A. Italian energy company active in natural gas, electricity, and renewables - overlapping with Veroniki's multi-energy offering and renewable generation in the Italian market.
• Eni: Italian integrated energy major active across natural gas, power, refining, and renewables - including retail natural gas/electricity supply that overlaps with Veroniki's ButanGas multiutility offering. Domestic incumbent with comparable Italian footprint.
• TotalEnergies: French integrated energy major with global LPG distribution, natural gas marketing, and renewables, offering overlapping capabilities to Veroniki's energy distribution platform across multiple European geographies.
• UGI International: US-headquartered UGI Corporation's international arm operates LPG distribution businesses (Avgas, Flaga, UniverGas) across Europe. Comparable as a multi-country LPG incumbent with broader energy portfolio.

Regional players

• Calor Gas (UK): UK/Ireland-leading LPG distributor for off-grid heating, cooking, and industrial use, owned by SHV Energy. Comparable in LPG-only distribution model and customer segments, though operating in a different geography than Veroniki's continental European footprint.

Emerging players

• ERG S.p.A. Italian renewable energy operator focused on wind power, with growing European footprint. Comparable as a Mediterranean/European renewable energy peer to Veroniki's wind and hydro generation portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/veroniki-holding-s.p.a.

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries23 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veroniki Holding