(Alliance News) - Pattern Spa announced Monday that it has signed an agreement to take over 30 percent of Dyloan Bond Factory Srl, a subsidiary in which Pattern already holds 70 percent.

The agreed lump sum price is EUR4.0 million, based on Dyloan's valuation under the 2022 investment agreement. The closing is expected by the end of July 2023.

In addition, subject to the closing of the transaction, the parties have agreed to permanently waive the price adjustment mechanism under the 2022 investment agreement and that Anna Maria di Rienzo will permanently waive the additional earn-out amounts under the agreement.

Dyloan Bond Factory, founded in 1987 in Abruzzo, is a leading company in R&D, Engineering, Prototyping, Sampling, Customization and Production of semi-finished products, accessories, fabrics, high-tech processing and finished garments.

Luca Sburlati, CEO of the Pattern group, together with Franco Martorella and Fulvio Botto, founders and majority shareholders of Pattern, said, "Together with the Di Rienzo family, we have decided to bring forward to today what we plan to do in a few years, with the common goal of proceeding with even greater speed in the development of the Abruzzo hub. We will thus have the opportunity to strengthen the R&D activity under Dyloan and D-house in favor of all the group's poles and to continue to invest in the territory. Anna Maria and Loreto Di Rienzo will continue to collaborate with our group for this goal."

Pattern's stock closed Monday down 2.8 percent at EUR7.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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