Biesse S.p.A., a company listed on the Euronext STAR Milan segment, has signed a contract for the acquisition of the entire share capital of GMM Finance S.r.l., the holding company of the GMM Group, which includes GMM S.p.A., Bavelloni S.p.A., and Techni Waterjet Ltd., as well as their respective Italian and foreign subsidiaries, active in the field of machinery for stone, glass, and other materials processing.
The GMM Group operates in 90 countries, with 9 distribution subsidiaries worldwide, 6 production plants in Italy, and one in Thailand, employing approximately 450 people. The selling shareholders are Consilium Private Equity Fund III (managed by Consilium SGR p.A.) with 75% and FGL Holding s.r.l. (the founders' company) with 25%.
The provisional consideration for the acquisition (known as Equity Value), which will be fully settled in cash at closing, amounts to approximately 72 million euros. This value was determined considering a Net Financial Position of debt starting from an Enterprise Value of 86.5 million euros. The sale and purchase agreement also provides for the usual price adjustment mechanisms in the months following the closing (upwards or downwards), mainly based on the variation in net working capital and net financial position of GMM Finance S.r.l.
The closing of the transaction is expected by February 15, 2024, and is subject to the fulfillment of certain suspensive conditions in line with normal market practice for this type of transaction. The operation, in line with Biesse's strategic plan to grow through external lines, will increase the portfolio generated by machinery for stone, glass, and other materials processing, integrating the company's technologies in these specific segments.
GMM S.p.A., founded in 1993 in Gravellona Toce, Piedmont, began its activity in the design and construction of bridge saws for the stone industry and has since evolved to become a world leader in the production of traditional and numerical control saws. Through the acquisition of the Australian company Techni Waterjet Ltd., it first expanded its offering with innovative waterjet cutting technology, mainly applied in the metal, stone, and glass sectors. Subsequently, with the acquisition of the Italian company Bavelloni S.p.A., it further expanded its product range in glass processing machinery.
The latest consolidated financial statements of the GMM Group refer to the 2022 fiscal year and report revenues of 124 million euros, an EBITDA of 12.5 million euros, and a net financial position of debt of 4.4 million euros. A performance in line with the previous year is expected for 2023.
(NEWS Traderlink)