Vending: Ivs conquers Gesa
84 million invested to take over one of the most important national operators
Ivs Group, leader in the vending sector of drinks and snacks, has signed a contract with some shareholders for the acquisition of a 75.8% stake in GeSA, one of the most important Italian operators in the vending sector. Founded in 1967, GeSA operates in northern Italy and in 2020 had a turnover of around 60 million euros (74 million in 2019, before the pandemic) and EBITDA margins of just under 14% on the pre-covid turnover.
The purchase of this shareholding, together with the approximately 24.2% stake in GeSA held by the Liomatic Group, with which the Ivs Group signed a similar agreement at the end of October 2021, will also make it possible to achieve full control of GeSA. The price was preliminarily set at 84 million euros, subject to price adjustment based on the net financial position at closing.
The structure of the transaction provides that the sellers of 75.8% of GeSA reinvest a significant part, in the order of 75%, of the agreed consideration, in Ivs Partecipazioni Spa (controlling shareholder of Ivs Group, with 62.15%, calculated net of treasury shares in portfolio), of which they will become shareholders with an equity investment of the order of 10-11%.
Ivs Group will finance the purchase with new equity, thereby increasing the amount of the capital increase of approximately € 100 million already envisaged for the acquisition of the Liomatic Group. The share capital increase operation, offered as an option to the market, will therefore rise from approximately € 100 million initially envisaged, to approximately € 185 million and will be underwritten, at least pro-rata, by Ivs Partecipazioni.
Completion of all steps of the operation is expected in the second quarter of 2022.
EFA News - European Food Agency