MILAN, June 23 (Class Editori) — Somec, a company specializing in the engineering and implementation of complex turnkey projects in civil and naval engineering, signed a preliminary agreement to acquire 65% of Budri for 7.5 million euros. Somec's Chairman Oscar Marchetto expressed great satisfaction with the deal, which enables the Group "to penetrate global markets in the high-end interiors sector more effectively".
An acquisition to strengthen the values of traditional craftsmanship
A Modena-based excellence in marble processing, Budri was born on January 1, 2022 from GMB's business transfer. At its Mirandola headquarters, the company owns a production area of about 8,000 square meters, where it creates large custom-made marble projects for prestigious buildings, some of which are displayed at its Milan showroom, Atelier di alta sartoria. "We married the project sharing Oscar Marchetto's entrepreneurial vision," Gian Marco Budri, Budri's current CEO, pointed out, "who intends to safeguard the values of traditional craftsmanship, aspects that come out of this agreement strengthened".
The company also operates abroad through its Swiss subsidiary Budri Switzerland SA and its English subsidiary Budri London Ltd. In fiscal year 2021, the corresponding GMB branch developed a production value of 11.3 million euros and EBITDA of 1.3 million euros. As of the effective date of the transfer, shareholders' equity and net financial position amounted to 3 million euros and -6.1 million euros, respectively.
The details of the preliminary agreement
The acquisition will take place through Somec's subsidiary Mestieri and will be finalized by July 31, 2022. Upon closing, the preliminary agreement includes the payment of 7.5 million euros, corresponding to 65% of the estimated enterprise value of 16.6 million euros. The sum will be paid through credit lines already available to the company. According to the agreement, the provisional price could be revised downward if the net financial position targets in Budri's 2022 budget will not be achieved. Finally, there are put and call options on the minority stake that can be exercised in two separate time intervals.
Upon completion of the deal, Gian Marco Budri will be appointed CEO of Budri, as part of Somec's business and management continuity strategy, while Oscar Marchetto will be appointed Chairman of the Board of Directors. While drafting the agreement, Somec was assisted by advisors Andrea Martini and Riccardo Fornasier of Studio Martini Dottori Commercialisti e Revisori in Pordenone, while Budri was followed by attorney Stefano Benatti of Studio Benatti in Mirandola.
Stock rising on the stock market
Some, which is listed on the Euronext Milan market of the Italian Stock Exchange, is currently gaining 3.68% to 31 euros. In addition, thanks to its 9% performance in June, the company tops Intermonte's medium and small cap ranking.
(Source:Class Editori)
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