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Emak acquires 30 per cent of Cifarelli

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It was signed yesterday, August 1, 2016, the agreement for acquisition by Emak SpA by 30 percent of Cifarelli SpA, the company of Voghera, which manufactures and markets professional machines for the maintenance of green areas and agriculture, as atomizers, shakers for olives and blowers. A company, Cifarelli, born in 1967 and securely managed by the family, currently with Renato Cifarelli driving as CEO.In addition, we read the press release issued, the company is in good shape with year end 2015 with sales of 12.4 million Euros, an adjusted EBITDA of around 20 per cent of turnover and cash of approximately 3 million euro. The deal - reports the press office of Emak - is expected later this year, after completion of the contractual formalities. The price agreed for the acquisition of the 30 per cent is equal to 3,750 million of euro. On the remaining 70 percent they were agreed a call option and a put option to be exercised on the date of approval of the financial statements at 31/12/2019, for which the exercise price will be based on the results that will be achieved by Cifarelli in the period 2017-2019. With the same occasion and in case of failure to achieve certain minimum future results, the agreement includes a put option in favor of Emak and a call option in favor of Cifarelli family on the 30 per cent share.

To know more about this acquisition we reached by telephone Renato Cifarelli, to Cifarelli.
The acquisition by Emak is first and foremost an industrial project: Cifarelli sells some of its products in the countries where Emak has a limited presence, Emak is strong in countries where we are practically absent, so we rated as favorable for both integration companies.Currently Emak entered with 30 per cent of the shares, then in three years, according to the results achieved by this partnership, we will evaluate together how to proceed. The contract we have signed leaves open several possibilities, is that the remaining 70 percent steps to Emak, whether the Cifarelli riacquisisca the shares sold. The idea, if all goes well, it is that our family remains tied to Cifarelli spa".

For a company with a long and healthy family tradition like yours has decided to sell a share?
"To grow and continue to do so! The acquisition of the stake by Emak also includes a project to develop the same Cifarelli. To continue to grow, after so many years of work, we needed a strong partner. Also, I do not hide the fact that neither I nor my brother have children currently in the company, so we felt it was important just to ensure business continuity find a reliable partner that somehow "protect" the development of our business".

The production and the offices will remain in its present location?
"Yes, offices and production remain in Voghera, and as I mentioned there is also an enhancement of the company plan. And our family will continue to manage it. We expect, therefore, still many years of hard work".*In the photo Renato Cifarelli e Fausto Bellamico*"

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