The acquisition of 75% of the share package of Diatex s.p.a. has been completedadmin
Formigine, 20 January 2019 – Following what was communicated to the market on 27 June 2019, and in the subsequent integration of 23 December 2019, SITI B&T Group S.p.A., supplier of technology and complete systems at the service of the world ceramic tile and sanitaryware industry (AIM Ticker: SITI), announces that it has completed today the acquisition of 75% of the shares of the Company Diatex S.p.A. of Villaverla (VI), active in the production of diamond tools for stone and ceramic processing, for a total value of Euro 7.5 million.
As agreed in the agreement concluded today, the payment will be divided into two tranches: the first, amounting to Euro 6 million, was recognized at the same time as the transaction was finalized, while the remaining Euro 1.5 million will be paid 30 months from today. The transaction also includes Put & Call options to be exercised over 5 years on the residual shares, the price of which will depend on the value of the company on the date the option is exercised.
In 2018 Diatex S.p.A. turned over 10.7 million Euro, reaching a normalized EBITDA of 1.9 million Euro, with a Net Financial Position, at 31.12.2018, amounting to 1.2 million Euro.
The acquisition of Diatex is part of the Group’s strategy of promoting new synergies with finishing technologies (by the Ancora company), in order to offer the market new high-performance products and new customer services. The acquired company is in fact a leader in the production of tools for finishing ceramic tiles and in particular for squaring.
Following the completion of the transaction, still today, the Board of Directors of Diatex S.p.A. approved a new administrative body of which Fabio Tarozzi, current CEO of Siti B&T Group S.p.A. is Chairman and Luciano Dalla Pozza, former majority shareholder and director of Diatex S.p.A., CEO.