GVS S.p.A. and GVS NA Holdings Inc acquired RPB Safety Ltd, Goodman Brands and Abretec Group LLC from Ivory family for approximately $190 million.
September 31, 2021
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GVS S.p.A. (BIT:GVS) and GVS NA Holdings Inc acquired RPB Safety Ltd, Goodman Brands and Abretec Group LLC from Ivory family for approximately $190 million on September 1, 2021. In particular, GVS NA Holding acquired 100% of the share capital of Goodman Brands and Abretec Group LLC and their subsidiaries, while GVS S.p.A. acquired 100% of the share capital of RPB Safety Ltd. The transaction provides for an upfront payment of approximately $150.0 million and a possible earnout of $44.4 million (maximum value), the payment of which, expected in 2022, will be proportionally related to the achievement of RPB's 2021 adjusted EBITDA targets. The deal was financed by a 5-year loan agreement for approximately $177.6 million with a pool of lending banks: Mediobanca - Banca di Credito Finanziario S.p.A., which also acts as agent, Unicredit S.p.A. and Crédit Agricole Italia S.p.A. (“Loan Agreement”). RPB Safety Ltd, Goodman Brands and Abretec Group reported revenue of $37.4 million in 2020. Ice Miller LLP acted as legal advisor and KPMG US LLP acted as tax and accounting advisor to GVS. White & Case acted in relation to the aspects related to the loan, in relation to which the law firm Allen & Overy assisted the lenders. Mediobanca Banca di Credito Finanziario S.p.A. acted as transfer agent to GVS S.p.A.
GVS S.p.A. (BIT:GVS) and GVS NA Holdings Inc completed the acquisition of RPB Safety Ltd, Goodman Brands and Abretec Group LLC from Ivory family on September 1, 2021.
GVS SpA is an Italy-based manufacturer of filters and components for applications in the healthcare, life sciences, automotive, appliance, safety, commercial and industrial filtration. Its offering includes seven product lines: Healthcare, Laboratory, Mobility, Air Safety, Appliance, Personal Safety and Membranes. Each product line provides a suite of customizable solutions specifically related to each market. Additionally, the Company offers tailormade product and process development services, which cover all the project stages, including product and process design, validation, up to the mass production for large quantities. It is active globally.