Giglio Group acquires 100% of Salotto Brera's share capital
The Group expands into the distribution sector of fashion and food items
Giglio Group SpA, an e-commerce company listed on the Mta-Star market of the Italian Stock Exchange, has signed a binding agreement for the purchase of one hundred percent of the share capital of Salotto Brera - Duty Free srl, a Milan based company that operates nationally and internationally in the distribution and marketing of products in the fashion and food sector, the share capital of which is wholly owned by Stefania Mariani.
The operation will allow the Group to develop, expand and strengthen the "Distribution" division which carries out, among other things, the marketing of fashion and food products, allowing to improve commercial synergies with customers and suppliers, increasing the number of brands with which the Group has relationships, and create new business opportunities, especially in the territories in which SBDF operates, strengthening, in particular, the Middle Eastern area. Furthermore, the acquisition will make it possible to offer the omnichannel services developed by the Group in new channels, guaranteeing customers to choose from a greater number of sales solutions. Mariani will join the team of the Group's "Distribution" division, bringing his expertise and experience of over 20 years in the international distribution sector of fashion and food products and the world of luxury.
SDBF reported revenues estimated in 2020 for over € 5.1 million and an estimated gross operating margin (Ebitda) for 2020 of approximately € 300,000. The value of the transaction was agreed at € 1,175,000 including a positive Pfn of over € 450,000, in addition to an Earn Out of a total value of € 200,000 which will be determined on the basis of the EBITDA achieved by the Group over the next two exercises.
Alessandro Giglio, President of Giglio Group, commented: “We are happy with this new and important acquisition, extremely relevant at a strategic level, which will strengthen our commercial capacity and increase our competitiveness in the fashion sector, as well as increase turnover and volume of business. This operation is finalized at the beginning of 2021, the end of 2020, a year that has seen important changes that have allowed the company to improve efficiency, record turnover in the first nine months, enter new sectors and improve the use of resources". Mariani expressed his great satisfaction by declaring: “In Giglio Group I found a management that believes in my dream and in the results achieved to date. I trust that we can do an excellent job together thanks to the digital and technological skills present in the Group in order to successfully develop the needs for change imposed by recent changes".
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