Today (28 December 2016), IMA has signed with Mr. Guillermo MAI an agreement to become a shareholder of MAIÂ S.A. located in Mar del Plata, Argentine, a company that manufactures and markets machines for the packaging of tea and herbs in filter bags.
As a result of this deal, IMA will acquire 70% of the company’s shares.
The deal provides for an investment on the part of IMA of approximately 7.7 million USD, paying 5.7 million USD at the closing, which is expected at the beginning of 2017, with the rest being due in three annual tranches.
IMA will also be granted an option, exercisable in April 2021, to buy 100% of MAI S.A.
In 2016 the MAI S.A. tea packaging business is expected to have sales of around 7 million USD and an EBITDA of approximately 1.5 million USD, with good growth prospects thanks to the overall support that the IMA Group can provide by integrating it with the rest of the Group.
Alberto Vacchi, IMA’s Chairman and CEO, commented as follows:
“This is a strategic deal. The acquisition of MAI S.A. will allow us to strengthen our leadership in tea packaging, expanding our product range and creating significant production and marketing opportunities with the other Group companies.
With this operation IMA continues to enhance leading market brands, while strengthening its industrial presence in South America.”IMA was advised in this deal by Pistrelli, Henry Marin y Asociados S.R.L., EY Buenos Aires and Studio Poggi & Associati of Bologna.
