(Alliance News) - GPI Spa announced Friday that it has closed the acquisition of Evolucare Investment SAS through its subsidiary GPI France.

The company's current top managers -- CEO, Philippe Blanco, and commercial director, Gauthier Frandon -- will hold 3.4 percent of the capital.

As part of the deal, the new governance structure was defined, with the appointment of a GPI-majority supervisory board and the confirmation at the helm of the group of Philippe Blanco in the role of CEO who, supported by the entire top management team, will lead the Evolucare group on the path of development, consolidation and growth, as already determined in the business plan that, among other things, also outlines the integration, consolidation and growth of Evolucare within the GPI group.

The consideration agreed for the acquisition of 97 percent of the Evolucare group is approximately EUR109 million, determined on the basis of an equity value for 100 percent of the fully diluted share capital of EUR116 million, corresponding to an adjusted 2022 EV/Ebitda multiple of approximately 11.0 times. The financial resources were drawn from the EUR140 million share capital increase that GPI finalized in December 2022, with CDP Equity Spa as well as major institutional investors, both Italian and foreign, joining the shareholding structure.

"With this transaction, the GPI group significantly expands in international markets with its strategic Software area, which benefits from a significant increase in revenues - by 26 percent - and Ebitda by 35 percent based on pro-forma figures for 2022. 370 people join the GPI group, including many IT specialists and a significant R&D sector consisting of 100 people," the company explained.

GPI's stock closed Friday down 2.5 percent at EUR10.20 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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