It will be equal to 10,88 euros the offer price of actions Italian Design Brands in IPO, for one capitalization post capital increases of 293 million and one economic capital value before the capital increases of 220 million. This was communicated on the morning of May 2 by Tamburi Investment Partners (Tip), the investment holding company led by Giovanni Tamburi, which concluded an agreement to acquire 51% of Investindesign, a company that currently holds the majority share capital of Italian Design Brands.
Italian Design brands: the details of the offer
The offer will cover 6.433.823 newly issued shares for a value, including any share premium, of approximately 70 million deriving from a capital increase with the exclusion of the option right.
It is also expected the issuance of 275.735 ordinary shares for a capital increase reserved for some shareholders/entrepreneurs of some subsidiaries who have undertaken to purchase at the offer price. As part of the transaction, the company's shareholders will grant the Joint Global Coordinators a greenshoe option for a maximum of 965.074 shares, equal to approximately 15% of the maximum number of shares subject to the offer.
In the event of full execution of the market capital increase and full exercise of the greenshoe option, the offer will concern a total of 7.398.897 shares, equal to approximately 27,5% of the post capital increase share capital.
The offer will be reserved exclusively for qualified investors. There is no offer to the general public in Italy and/or in any other country.
Tip acquires 51% of Investindesign
Drums Investment Partners (Tip), a company listed on the Star and led by Giovanni drum, will acquire 51% of Investindesign, a company that currently holds the majority share capital of Italian Design Brands.
"The execution of the agreement is resolutely conditional on the listing of IDB shares on the stock exchange by June 30, 2023", underlines Tip in a note.
For the purchase of 50,7% of the capital of Investindesign, Tip put 72 million euros on the plate, attributing to Idb an equity value of 220 million.
TIP also has the possibility of requesting the issue by the current Investindesign shareholders of acall option, exercisable until 15 July 2023, under the same conditions as the acquisition of 50,7%, for itself or also for natural and/or legal persons to be appointed, to acquire an additional 20% of the capital by Investindesign. The acquisition of the additional stake will be offered to the shareholders of Asset Italia Spa.
What Italian Design Brands does
Italian Design Brands is the operating parent company of an Italian pole of the'furniture and active design – through numerous investments in companies operating in these sectors – in the production of high-end items, with prestigious brands including Gervasoni, Meridiani, Davide Groppi, Flexalighting, AXOLight, Very Wood, Saba, Gamma Arredamenti, Dandy Home, Miton and Binova.
The group also includes two companies – Cenacchi International and Modar – specialized in the luxury contract with some of the most prestigious international fashion houses. The products made by Idb's investee companies are distributed and sold by third parties through approx 4.500 points of sale.
In 2022 the Idb group reached a pro forma turnover (including for the full year also the total operating turnover of the companies acquired during the year) of approximately 266 million, with a ebitda of over 49 million.
The project of the Idb group, launched in 2015 on the initiative of Private Equity Partners and Paolo Colonna, together with Giovanni and Michele Gervasoni, with the aim of creating a platform of aggregation in the fragmented sector of the production of Made in Italy furniture and lights , has developed essentially through acquisitions, currently has 650 people and in 2022 exported around 75% of its turnover.
The top management of the Idb group is made up of Andrea Sasso (President and Chief Executive Officer) and by George Gobbi (managing director), who managed the growth of the group and who will keep their respective positions.
Tip, reads the note, "leveraging its skills, particularly in industrial sectors characterized by high-end customers, combined with the now proven ability to create and develop and affirm market leaders, decided to acquire a significant share in the Idb group precisely with the aim of strengthen its assets and further accelerate its growth, essential elements in a sector that is still very fragmented but with considerable strategic and commercial potential, given the weight it has on the entire Made in Italy export chain”.
