Company News29 November 2022
ILPRA Acquires 30% Stake in Ponapack
ILPRA has signed a binding agreement to acquire a 30% stake in Ponapack, supporting group expansion and broader capability in tray sealing and meat processing equipment.
ILPRA Expands Through Strategic Investment
ILPRA has signed a binding agreement to acquire 30% of the share capital of Ponapack, a Turkish company active in the production of tray sealers, meat processing machines and equipment. In 2021 Ponapack registered 1.3 million euros in revenues, an EBITDA of 193 thousand euros (EBITDA margin of 15%) and a Net Financial Position (debt) of 154 thousand euros.
Maurizio Bertocco, president and CEO of ILPRA, said:
“The growth of the group continues through the identification of new targets in our market, characterized by excellent products and cutting-edge production processes that respond to international quality and safety regulations ... We will use our expertise to further enhance the Ponapack brand and expand it on a global scale.”
Deal Structure and Governance Rights
The transaction will take place as follows: purchase of 21 percent of Ponapack’s share capital, for a total of 700,000€. 350,000€ will be paid in cash at the closing and 350,000€ , also in cash, by April 2023. Subscription, on the date of the closing, of a capital increase in Ponapack, entirely reserved for Ilpra, for a total amount of 300,000€, including 289,769 euros as a premium, against the allocation of a share equal to 9% of its capital.
As a result of the transaction, Ilpra will acquire category “B” shares with the characteristics and prerogatives stipulated in Ponapack’s statute, which will guarantee a total voting right of 51%, as well as the right to appoint the majority of the 5 members of the target’s Board of Directors.
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Learn more about ILPRA’s packaging solutions and how our group is expanding to support customers worldwide.
