It does not receive public funding
Editor in chief:
CLARA MOSCHINI

Facebook Twitter Youtube

Glenalta takes over Cft

The target society specialises in machinery for food&beverage industry

Glentalta has found its own target company.  This is the Emilian Cft group which designs, plans and manufactures machinery, complete lines and turnkey systems, mainly for Food&Beverage industry. Headquartered in Parma, it operates across the world, directly in nine countries beyond Italy: about 90% of turnover is generated abroad. Cft has been assigned an equity value of € 96.5 million, valuing the company approximately 6.2 times the multiple ev / ebitda 2017.

Glenalta is a Special purpose acquisition company (Spac) whose its resources are worth about € 98 million to be allocated to aggregation transactions with target companies, collected on the occasion of admission to trading on the stock exchange segment dedicated to SMEs Aim Italia on 17 July 2017.

Glenalta will recognise 10.4% of the share capital of CFT (sold by the current shareholders) with an outlay of 10 million, while the remaining 88 million will be used to finance the group development, including through acquisition. The post-merger free float will be 51.5% in the case in which any one of Glenalta partners will not execute the right to withdraw. At the effectibr date of the merger – expected by the end of July – 3 warrants will be assigned for every 10 ordinary shares in circulation.

With the agreement finalisation, the Cft group will be listed on Aim Alitalia in application of the so-called business combination, a feature of the Spac model.

Glenalta investors are the same ones who had promoted another Spac (Luca Fabio Giacometti, Gino Lugli, Stefano Malagoli, Silvio Marenco, Lorenzo Bachschmid and Dario Di Iorio), Glenalta Food, which acquired and listed the Orsero group.      

gc - 2329

© EFA News - European Food Agency Srl
Similar

Cheese and dairy productsBrands and transformation deliver strong 2019 results for Arla

Arla’s branded sales volume grew 5.1 per cent in 2019

In 2019 farmer-owned Arla Foods exceeded expectations for global branded sales whilst simultaneously transforming its business securing cost-savings at the top end of expectations through the Calcium programme. This enabled Arla to deliver a stable milk price to its farmers owners and a strong cash flow further strengthened the company’s investment power in future growth. more