Bring the constellation of companies created over the years by Ernesto Preatoni to the Paris Stock Exchange by the end of 2021 and at the same time reorganize everything with the creation of a holding company in which at least 40 companies belonging to the family, distributed in various parts of the world, the most famous of which is Domina Vacanze: from Dubai to the Baltic Republics, from Germany to Egypt with the Domina Coral Bay in Sharm El Sheikh. In total over three thousand employees. It is the project of rationalization and relaunch of the family’s assets that takes on new life: a project, already ready in March of last year, frozen due to Covid, and now considered not postponable. The initiative will undergo a decisive acceleration in the coming months: everything should be ready between September and October.
The braking imposed by Covid
«Covid has slowed everything down: by the end of the year we will be listed on the Euronext Paris market with one of our holding companies. The new holding, which will be called Preatoni, will bring together all the companies created over time by my father “, explains Eugenio Preatoni, Chief executive officer of Domina Vacanze who is currently at the Hotel Zagarella in Santa Flavia in the province of Palermo, committed to think about a plan to relaunch the tourist structure. «An already listed company has been acquired which will be used as a vehicle and will subsequently be renamed. The landing on the stock exchange will serve to rationalize everything because one thing is to present yourself with a single company, another is from time to time with a different company. The bargaining force, for example with banks, is certainly different ».
Loading…
The first objective of this operation is to develop a real industrial plan that involves all the activities of the family and therefore in particular the real estate sector which is also changing its skin: “My father – says Eugenio – is an extraordinary visionary entrepreneur who has developed extraordinary things but ordinary management bores him. But that’s where it is now necessary to intervene ».
Why a listing without IPO
As for the listing, the CEO of the Domina Vacanze Group explains the logic of the intervention in terms of cost and time reduction: «We will not make an IPO – says Eugenio Preatoni -. We found a vehicle: we have already taken over a company already listed and emptied that was about to be delisted by the commissioners because it no longer had any reason to exist. We took advantage of this opportunity because listing a company is much more complex while making contributions is much simpler. So we took the vehicle, we emptied it, now we will make the additions and it will change its name. The valuations on our companies that were made a year ago were around 850 million and now due to Covid we are around 475 million: in my opinion we were already underestimated at 850 million but never mind. We put back a little on the initial collection and we will provide some free float but we are fine with it anyway. I think that those values prior to the pandemic will return ».
After the listing, the rebranding
An operation that will also serve to guarantee the inheritance aspect: “My father is 79 years old and wants to leave everything in order: those of the children who are interested in the family business can do it, but those who are not can follow their own paths” . Once the listing has started, the project foresees other development phases: expanding the number of structures and a rebranding of the whole group.