Salcef Group S.p.A. (BIT:SCF) signed an agreement to acquire Verwaltung und Beteiligung Nord GmbH for €8.5 million on May 3, 2021. The total consideration for the acquisition of 100% of Verwaltung's share capital is approximately € 8.5 million and the contract includes an earn-out clause in favour of the sellers, based on the Verwaltung Group's EBITDA and revenue until the end of 2022. Consideration of €6.4 million will be paid before the closing, of which approximately €4.4 million in cash and the remaining through the transfer to the transferors of ownership of 0.153848 million treasury shares and the remaining approximately € 2.1 million will be paid in three annual instalments, the last of which is due in 2024.

The acquisition was financed by the Salcef Group S.p.A. own funds, including treasury shares held by the Company. As of December 31, 2021, Verwaltung und Beteiligung Nord GmbH reported sales of €17 million. The closing is expected to take place by the end of May 2021.

Jan Philipp Feigen, Wolfgang Hardt,Daniel Kaiser, Nils Gildhoff, Maximilian Menges,Daniel Mattig, Lorenz Carstensen, Sandra Gomez Gracia, Björn Bradatsch, Ricarda Neukam,Philipp, Bastian Bekemeier, Christian Biel, Fabian König,Kim, Steven Koslowski, Robert Wienken and Bernd Rehberger of Ernst & Young Legal acted as legal advisors to Salcef Group. The transaction was carried out by the Hamburg notary Thomas Diehn, Notary's Office Bergstrasse, notarized.