IIG vende Italia Independent per 1 milione di euro

Italia Independent Group S.p.A. ("IIG" or the "Company") announces that a purchase agreement has been signed with M Group S.à r.l., the controlling company of Alessandro Lanaro's Modo Group (the "Buyer"), for the sale of the "Italia Independent" trademark, owned by its subsidiary Italia Independent S.p.A. ("I-I"), for a consideration of 1 million euros. Modo Group is an independent eyewear operator with offices in New York, Milan, and Stockholm. Founded by Alessandro Lanaro in 1990, Modo Group produces Modo and Eco branded products distributed worldwide. The sale of the trademark is part of the restructuring activities agreed with the creditors of IIG and I-I under articles 40, 57, and 61 of the Italian Crisis and Insolvency Code ("CCII"), which were approved by the Ivrea Court on May 8, 2023.

As previously announced to the market, the restructuring agreement for I-I includes, among other things, the recognition in favor of its creditors of a specific earn-out (the "Business Earn-Out"), consisting of the right to receive any proceeds or otherwise from the valuation of Italia Independent's assets. In line with the above, on June 8, 2023, I-I appointed EY Advisory S.p.A. to procure the sale of Italia Independent's business unit, with procedures ensuring maximum information and participation of potential interested parties. Following the issuance of a process letter to a selected group of potential buyers, the Buyer expressed interest in acquiring the trademark portfolio as part of Italia Independent's business unit, on terms and conditions that were deemed to be (i) most suitable for ensuring the divestment of Italia Independent's assets constituting the business unit, and (ii) most protective of the creditors' interest in optimizing the valuation of the Business Earn-Out. The purchase agreement signed today therefore concludes the aforementioned sale process. It should be noted that the purchase agreement requires the Company to change its corporate name and that of its subsidiary to names other than "Italia Independent." The Company's board of directors will convene the necessary assemblies to proceed accordingly. Lapo Elkann, the Company's reference shareholder, commented: "I am pleased that Modo Group has acquired the Italia Independent brand. I am confident that Alessandro and his team, with their track record, will be able to evolve the brand that I founded and to which I will always remain connected."

(NEWS Traderlink)