Grandi Salumifici Italiani takes over Fratelli Parmigiani
Acquisition cost of 51 million Euro – market leadership in Italy strenghtened
Modena - Grandi Salumifici Italiani SpA (GSI), Italian market leader for processed meats, has taken over the majority of La Parmense Spa on December 3rd, 2007.
Consequently, La Parmense will merge with Fratelli Parmigiani Srl. The new company will be named Fratelli Parmigiani Spa. Presently, both companies are led by the Gaibazzi Group which is situated in Parma. The Gaibazzi Group showed a turnover of 47,2 million Euro in 2006 and an Ebitda of 5,5 million Euro.
„The takeover is an important step for the further development of GSI“, said Claudio Palladi, the CEO of GSI. „The newly acquired market shares will strengthen our activities in the product and service sectors.“
By January 31st, 2008, the competition and market surveillance authorities should have passed their approval making the acquisition final. The purchase contract foresees that GSI takes over shares from the Gaibazzi family who holds 70 percent of Fratelli Parmigiani SpA. Furthermore, GSI has ensured the purchase option of another 20 percent which may only be realised after talks with founder Mario Gaibazzi one year after transaction.
Giorgio Gaibazzi who now is a shareholder of La Parmense SpA and Fratelli Parmigiani Srl will continue to hold ten percent. He will remain general manager to ensure a continuity in corporate culture.
GSI holds lease on Migliori Plus Srl
GSI has also leased the company branch Migliori Plus Srl for 900 thousand Euro per year. The lease is valid for seven years. Migliori Plus produces Mortadella and high quality salami and is owned by the Gaibazzi family.
Summary of articles "GSI sets course for the stock-market" July/August 2007
Grandi Salumifici Italiani (GSI) with its headquarters in Modena, plans to submit the request for listing on the STAR segment of Mercato Telematico Azionario (Electronic Equity Market) of Borsa Italiana S.p.A. in Milan. This was decided on Thursday, 26th of July, 2007.
GSI belongs to 100% to IS Holding, a joint venture of the Senfter HOLDING and the Italian Unibon. GSI ended the financial year 2006 on December 31st with a turnover of 405 million Euro. The EBITDA amounted to more than 36 million Euros, the net profit was 15 million Euro. GSI will offer stocks to Italian citizens, to institutional investors in Italy and abroad, with the exception of the USA, Japan, Australia and Canada according to Regulation S of the United States Securities Act of 1933.
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