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Ima announces closing of the acquisition of 70% of Spreafico Automation

ima
Alberto Vacchi, IMA's Chairman and CEO

BOLOGNA, Italy – On 16 April, Ima and the Spreafico family completed the closing for the purchase of 70% of Spreafico Automation S.r.l.; the company, based in Calolziocorte (Lecco), is an important player in the design, production and marketing of automatic machines for filling and preparing single-serve capsules for coffee and other soluble products.

On 11 April 2019, Ima also completed the closing of the acquisition of 61.45% of Tecmar S.A., with Messrs. A. Bianchi and N. Bustamante; the company based in Mar del Plata (Argentina) is an important player in the Latin American market in the design, production and marketing of automatic packaging machines in the coffee and food sectors.

The completion of these deals, which were announced on 27 February 2019, represents a significant strengthening of the Ima Group in the coffee sector.

The Spreafico deal envisages a financial intervention by Ima of about 11.7 million euros, of which 10 million euros paid at the closing and the remainder to be paid by the end of May which, based on the results achieved by the company over the next three year, could reach 15.5 million euros. Ima has also been granted a purchase option exercisable in April 2028 for the other 30%.

At the closing, Spreafico has a positive net financial position of about 0.3 million euros and, in the financial year ended 31 December 2018, achieved revenue of about 17 million euros and an Ebitda of over 3 million euros, with good growth prospects, also thanks to the overall support that Ima will be able to provide the company by integrating it with the Ima Group.

The Tecmar deal envisages a financial intervention by Ima of about 1.7 million euros, of which 1.4 million euros paid at the closing and the remainder to be paid by 11 May 2019. Ima has also signed put & call options on the other 38.55%, to be exercised after the approval of the financial statements at 31 December 2023.

At the closing, Tecmar has a positive net financial position of about 1.2 million euros, and in the financial year ended 31 December 2018 achieved revenue of about 4.5 million euros and an Ebitda of about 0.5 million euros, with good growth prospects, also thanks to the overall support that Ima will be able to provide the company by integrating it with the Ima Group.