(Alliance News) - Greenthesis Spa announced Thursday that it has finalized the acquisition of 80% of the share capital of the companies Euro Veneta Srl, Ecorex Srl, Elite Ambiente Srl, Emme Trasporti Srl and Execo Srl, which are part of the Ethan industrial group a mainly active in Northeast Italy in the management of different types of waste, hazardous and non-hazardous, with a strong vocation for materials recovery.

The equity value consideration for 80% of the shares was EUR25.3 million, subject to adjustment based on deviations of the NFP as of January 31, 2024 from the NFP as of September 30, 2023.

Moreover, by June 30, 2026, Greenthesis is expected to acquire the remaining 20 percent of the share capital of the target companies, and may possibly also take over five real estate complexes instrumental to operations, currently used by the LLCs themselves.

The companies in question have a workforce of about 80 people, a total turnover of about EUR30 million, a total gross operating margin of more than EUR6 million, as well as a positive overall Net Financial Position quantified as of September 30 at about EUR4.8 million, and carry out their activities through six different waste treatment plants, located between the provinces of Vicenza, Verona and Padua.

"The transaction, in line with the group's Strategic-Industrial Plan 2023-2027 approved last April 6, represents a further important step in the company's growth path in the sector of integrated management of the industrial matrix waste cycle," the company announced.

"The acquisition of these operating companies also enables Greenthesis to expand its presence in the sector and consolidate its position as a leader in the field of industrial and municipal waste management."

Ethan Group is one of the leading operators in northeastern Italy specializing in the collection, transportation, treatment, recovery and disposal of special hazardous and nonhazardous waste produced by the industrial and agricultural sectors.

The transaction, stresses general manager Vincenzo Cimini, was supported through resources deriving from the EUR50 million loan finalized by the company with a pool of lending banks and "already allows the substantial achievement of the set medium-term objectives, such as the growth of consolidated revenues, in the order of EUR250 million, an estimated gross operating marginality of around EUR50 million and an improved overall positioning among the main players in the sector."

Greenthesis' stock gives up 1.8 percent to EUR0.96 per share.

By Chiara Bruschi, Alliance News reporter

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