Marr acquired 34% of the shares of Jolanda de Colò S.p.A.
The Company is one of the main Italian player in the foodservice premium segment
Marr, the Rimini-based company also presented the results of the first 9 months: turnover at Euro 1.3 Billion, Ebitda and Ebit (after the application of IFRS 16) at Euro 103.6 and 81.3 million respectively. Net profit amounted to € 55.1 million.
Marr, the Italian leader in the foodservice distribution, controlled by the Cremonini Group, acquired 34% of the shares of Jolanda de Colò Spa from Intrapresa Srl, a Marzotto family company. At the same time, it signed with the company Aba Srl of the Pessot - de Colò family, which holds the remaining 66% of Jolanda de Colò, an agreement that gives Marr the option to acquire a majority stake in Jolanda de Colò from 31 March 2022. The Pessot family - de Colò, remains at the helm of the company, which is one of the main operators at national level in the premium segment with over € 21 M in sales in 2018, about 5,000 customers served with over 2,000 products of culinary excellence.
The company operates through a distribution and production center with a covered area of over 6,000 square meters located in Palmanova (Udine), with sales of approximately 90% concentrated in the Horeca channel and 93% in Italy. The purchase price of 34% of the shares of Jolanda de Colò amounted to € 2 M.
At the same time, Marr's board of directors presented the results for the third quarter and the first nine months of 2019. Total revenues for the third quarter amounted to € 509.1 M compared with € 507.2 M in 2018, while Ebitda and Ebit after the application of the IFRS 16 accounting standard amounted to € 47.3 and € 39.4 M respectively. The net result for the period reached € 27.3 M with an effect of IFRS 16 equal to - € 0.2 M. The net result for the third quarter of 2018 was € 27.7 M.
Total revenues for the first nine months amounted to € 1,302.1 M, compared with € 1,289.8 M in 2018, while Ebitda and Ebit after applying the IFRS 16 accounting standard amounted to € 103.6 M and 81.3 M. In the same period 2018 Ebitda and Ebit, which did not discount the effects of IFRS 16, were equal to € 97.6 M and € 81.8 M. The net result for the period reached € 55.1 M with an effect of IFRS 16 equal to € -0.5 M.
The net result for the first nine months of 2018 was € 56.3 M. Net financial debt, which was affected by the application of IFRS 16 of a greater debt of € 56.2 M, amounted to €184.7 M, compared to €147.3 M at 30 September 2018, which did not discount the effects of IFRS 16.
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