She buys the pot Eternum dalla Bialetti
BADLYa company listed on Euronext Growth Milan and active in the production and marketing of aluminum cookware with non-stick coating, has signed a framework agreement for the acquisition and Bialetti Industriesa company listed on Euronext Milan and specialized in the production of coffee makers, small appliances and cooking tools, of the business branch made up of the set of assets functional to the procurement, distribution and marketing of products a Mark “Eternal”.
“The operation is fundamental for the completion of the process of relaunching our company – he commented Pierpaolo Marziali, CEO of ILLA – Equipping ILLA with another prestigious brand, well known in the sector, will increase the market share, impacting positively on the company’s turnover due to the fact that, over the last three years, that of the branch has stood at a value between 12 and 16 million euros. We are convinced that this operation will put ILLA in a position to consider definitively overcome the crisis deriving from the loss of the historic customer IKEA“.
Bialetti focuses on the world of coffee
“We are very pleased to announce the success of this important strategic sale,” he said Francesco Ranzoni, president of Bialetti – An operation, already envisaged in the 2020-2024 Business Plan, which confirms the precise direction of our work and the constant focus on achieving the set objectives. The sale of the “Aeternum” brand will further allow the group to focus on strategic and business priorities: consolidating Bialetti as a relevant brand in the world of coffee and supporting a strong push towards the internationalization of the brand. We will ensure a smooth transition, giving all stakeholders serious business continuity, commercial and marketing activities, as well as all operations”.
Operation worth 3.8 million
The framework agreement provides that ILLA pays Bialetti, which corresponding for the sale, excluding working capital: 3.8 million euros at the execution date, set for 20 July 2023, of which 500,000 already paid as a deposit; as well as a further amount equal to a maximum of 1.5 million euros as an earn-out, upon the achievement of specific targets in terms of revenues and overall EBITDA achieved by Bialetti, NewCo and ILLA in 2023 for the marketing of “Aeternum”, “Junior” and “Morenita” branded products.
ISLAND will do meet economic commitments deriving from the transaction by making use of the disbursements relating to the convertible bond loan pursuant to the investment agreement signed with Negma Group Investment.
(Ticker)