GRAND DUCHY OF LUXEMBOURG – IVS Group informs that has signed an important agreement with the shareholders of SDA – Società Distribuzione Automatica 2000 S.p.A., active since more than 50 years in the vending business in Italy and leader in Liguria region, with sales of around Euro 13.2 million in 2017.
The transaction will include the acquisition of 100% of SDA 2000 and the following integration of IVS business in Liguria, with the possibility to extract relevant synergies. IVS local logistic and organisation will be transferred into in the larger operations of SDA 2000.
The present managing director and shareholder of SDA 2000, Paolo Gionfriddo, will have an important role in IVS group.
The Enterprise Value of the acquisition is equivalent to a multiple of 7 time the adjusted EBITDA (before the synergies expected from the integration between SDA 2000 and IVS). The transaction will include also SDA 2000 properties.
A part of the acquisition price will be paid using a part of IVS Group treasury shares, valued at a price of Euro 12.5 per share (254,588 shares), for a total value of around Euro 3.2 million.
These shares, corresponding to around 0.6% of IVS Group share capital, will be subject to a 36 months lock-up agreement. The financial close of the acquisition is expected to be completed by the end of February 2019.
This transaction represents and important step of IVS Group growth strategy, in Italy and abroad, based on increasing efficiency and service quality, through the integration of regional players.
In the case of the acquisition of SDA 2000, an additional benefit will come from the possibility to involve within IVS Group, with an important role and as shareholder, a partner with excellent and recognized skills in the vending sector.
IVS Group S.A. is the Italian leader and the second player in Europe in the business of automatic and semi-automatic vending machines for the supply of hot and cold drinks and snacks (vending).
The business is mainly carried out in Italy (79% of sales), France, Spain and Switzerland, with around 190,000 vending machines, a network of 79 branches and over 2,700 employees. IVS Group serves more than 15,000 corporate clients and public entities, with over 800 million vends per year.