The Mondadori group (+2% in Piazza Affari) announced the acquisition of 51 percent of the capital of Edizioni Star Comics, “the main Italian publisher of comics” and, in particular, of Japanese manga. The aim of the giant from Segrate is to conquer a leadership position in the national comics sector”. According to data from Nielsen Bookscan for the Italian Publishers Association (AIE), the sector has been characterized by a growth of 175% in the last three years and 30% in the first 4 months of 2022.
The details of the operation Mondadori-Star Comics
The operation was defined on the basis of an enterprise value (calculated on 100% of Edizioni Star Comics), of 28 million euro. In any case, the price, which will be paid entirely in cash at the closing, will be subject to definitive adjustment on the basis of the net financial position at the closing date, the Segrate-based company said. The agreement also gives the Mondadori group the right to acquire the remaining 49% of the shares of Edizioni Star Comics, exercisable in two equal tranches starting respectively from the approval of the 2024 and 2027 financial statements, at a price that will be defined on the basis of the average EBITDA of the relative previous three-year period. In the event of Mondadori not exercising the call options, the agreements regulate put options in favor of the sellers exercisable at the same price conditions.
Il closing of the transaction is expected by 30 June 2022 and is conditional upon, among other elements, the unbundling of the real estate component, as well as the consent of the Japanese and Korean licensors who own the rights to some of the company's publications.
The operation provides that Simone Bovini and Claudia Bovini – “who have founded and so far successfully managed Edizioni Star Comics, leading it to cover the role of leader in the Italian comics market” – retain management responsibility and continue to cover the role of managing directors of the company. The scope of the transaction also includes the acquisition of 100% of Grafiche Bovini Srl, a company controlled by the same family as the founders, focused on the printing activities exclusively of products published by Edizioni Star Comics.
“The Comics segment has represented, in recent years, an important development element for the entire book value chain, thanks also to the significant rate of innovation in the editorial offer that characterizes it and to an extraordinary ability to involve new readers: in this segment, Star Comics was the undisputed protagonist”, commented Antonio Porro, managing director of the Mondadori group.
From Dragon Ball to Demon Slayer: the comics of Star Comics
Since the early 90s, Star Comics has been one of the Italian leaders in the comics market, specializing mainly in manga. In fact, his catalog includes some of the greatest hits in the world, including: Dragon Ball, one piece, Demon Slayer, Detective conan. Under the Astra brand, the company also publishes numerous European comics and original productions, as well as holding the rights to the titles of the American publisher Valiant Comics.
Last year, Star Comics recorded revenues of 21,6 million euros, an ebitda of 7,2 million euros, a net profit of 5,1 million euros and a positive net financial position (cash) of 4,3 million euros.
