Somec buys Lamp Arredo, growth in metal furnishings

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Somec, active in the civil and naval engineering sector, has signed a binding preliminary agreement for the acquisition of 60% of the share capital of Lamp Arredo, specialized in the engineering and processing of metal furnishings and ornamental elements.

Growth in metal furnishings

The transaction will be completed by the direct subsidiary Mestieri, of which Somec reserves the right to be appointed as purchaser and transferee of the shareholding until the closing date, scheduled for next October 31st. The provisional price for the purchase of the share is equal to 1.7 million euros, determined on the basis of the normalized EBITDA for the year 2021 with the application of a multiplier of 5 and can be adjusted based on the value of the net financial position. at the closing date. Consequently, the actual cash out will depend on the price adjustment, made after the refinement. The remaining 40% of the capital is bound to put and call option rights, which can be exercised in two intervals: 20% within 90 days from the approval of the financial statements as at 31 December 2024 and for the further 20% within 90 days from the approval of the financial statements at 31 December 2026. Maurizio Meneghini and Andrea Rizzetto, minority shareholders of Lamp Arredo, will remain on the Board of Directors of Lamp Arredo. The operation will be fully financed through credit lines already available to Somec. The entry of Lamp Arredo into the Somec perimeter “allows to enrich and accelerate the growth of Mestieri, expanding the spectrum of the Italian craftsmanship present in the portfolio”, said the president of Somec, Oscar Marchetto. In the 2021 financial year, Lamp Arredo recorded a production value of 6.3 million euros with an Ebit and net result of 0.4 million. At December 31st, shareholders’ equity was 0.9 million and the net financial position was negative for 0.9 million.