News in the world of packaging. Ima will purchase a further 30% of the Ilapak group, rising from 51% to 81% of the capital. A preliminary agreement was signed yesterday between the Castenaso (Bologna) company and Transworld Packaging Holding BV (Twp), holding company of the Ilapak group. The value of the transaction is 22,750 million euros, which IMA will pay to the counterparty at the closing.
"The consideration - explains a note - was determined by applying the implicit multiple of 6x to the Ebitda expected for 2014, which is highly visible given the size of the order book, and deducting the expected net financial position at the end of the year". The agreement is subject to the suspensive condition of obtaining the necessary authorizations from the Antitrust.
"The decision to increase Ima's presence in the Ilapak group already in the first half of 2014 - claims the company - was made in consideration of the brilliant results obtained by the latter in the second half of 2013 and the plans to expand the business in the food sector , which presuppose closer integration with the neighboring industrial activities of the IMA group".
IMA has also reserved, with a separate option agreement, the right to purchase the remaining 2017% of the share capital of Twp during the 2018 or 19 financial years.
“Thanks to the reorganization measures implemented, the Ilapak group recorded the following preliminary data in 2013: turnover of 87 million euros, Ebitda of 8,1 million euros, an improvement on budget forecasts, position negative net financial position of approximately 10 million euro. Particularly positive are the results of the second half of 2013, already in line with the results of the budget for 2014”.
For the finalization of the transaction, the parties were assisted by Altium Capital; for legal consultancy IMA was assisted by Poggi&Associati, while the d'Urso Gatti e Bianchi firm assisted Transworld Packaging Holding.
