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CLARA MOSCHINI

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Ivs Group, agreement to acquire Sda 2000

The Enterprice Value is Euro 25 mln (source)

 IVS Group, the Italian leader in vending business, has signed an agreement with the shareholders of SDA-Società Distribuzione Automatica 2000 S.p.A., active since more than 50 years in the vending business in Italy and leader in Liguria region, with sales of around Euro 13.2 million in 2017. The transaction will include the acquisition of 100% of SDA 2000 and the following integration of IVS business in Liguria, with the possibility to extract relevant synergies. IVS local logistic and organisation will be transferred into in the larger operations of SDA 2000. The present managing director and shareholder of SDA 2000, Paolo Gionfriddo, will have an important role in IVS group.

The Enterprise Value of the acquisition is equivalent to a multiple of 7 time the adjusted EBITDA (before the synergies expected from the integration between SDA 2000 and IVS). Financial sources said the value is about Euro 25 million.

The transaction will include also SDA 2000 properties. A part of the acquisition price will be paid using a part of IVS Group treasury shares, valued at a price of Euro 12.5 per share (254,588 shares), for a total value of around Euro 3.2 million. These shares, corresponding to around 0.6% of IVS Group share capital, will be subject to a 36 months lock-up agreement. The financial close of the acquisition is expected to be completed by the end of February 2019.

This transaction represents and important step of IVS Group growth strategy, in Italy and abroad, based on increasing efficiency and service quality, through the integration of regional players. In the case of the acquisition of SDA 2000, an additional benefit will come from the possibility to involve within IVS Group, with an important role and as shareholder, a partner with excellent and recognized skills in the vending sector.

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