Viscofan : has sold 100% of IAN Group shares to Portobello Capital Gestión, for an Equity value of 55.8 million Euros.??
March 10, 2015 at 07:37 am EDT
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Viscofan has sold 100% of IAN Group shares to Portobello Capital Gestión, for an Equity value of 55.8 million Euros.
As of 10th March 2015 Viscofan S.A. has sucessfully concluded the sale process of IAN S.A.U. and its subsidiaries, Lingbao Baolihao Food Industrial Co. Ltd. and IAN Perú, S.A for an Equity value of 55.8 million Euros to Servicios Compartidos de Industrias Alimentarias S.L., a company managed by Portobello Capital Gestión, S.G.E.C.R., S.A.
The operation is part of Viscofan's strategy to focus its management in the casing business, and reinforces its balance sheet for a company that is the world leader in an industry with solid growth prospects in the short and medium term.
Last November 10th, 2014 Viscofan S.A. announced the acceptance of a binding offer made by Portobello Capital Gestión, S.G.E.C.R., S.A. to acquire 100% of the issued capital of IAN Group Once the exclusivity period was finished without having reached an agreement with enough warranties in accordance with the acceptance letter, on date 23rd February Viscofan S.A. decided to not to extend the exclusivity period agreed with Portobello Capital Gestión, S.G.E.C.R., S.A., although the end of the exclusivity period did not preclude that new offers could arise for IAN Group.
After 23rd February, Portobello Capital Gestión, S.G.E.C.R., S.A. made a new offer to acquire 100% of the issued capital for a cash value of 55.8 million Euros, the payment has been made on 10th March 2015.
Since fiscal year 2014 IAN Group is recognized as a disposal group to be classified as held for sale and presented under "Discontinued operations" on the consolidated income statement in compliance with the stipulations outlined in IFRS 5. The new offer means a profit before taxes of €0.5 million for Viscofan Group.
Viscofan SA is a Spain-based company engaged in the packaging industry, mainly for meat products. The Company focuses on the manufacture and distribution of artificial castings, as well as plastic films that are used for separation of sliced food. Its products range includes cellulose, collagen, fibrous and plastic castings. In addition, it designs and produces packing machinery, as well as provides related spare parts. The Company also sells electric power, which is produced by cogeneration systems. The Company operates manufacturing plants and sales offices in Spain, Serbia, Czech Republic, Germany, Brazil, Mexico, Uruguay, China and the United States, among others. It controls a number of subsidiaries, such as Nanopack, Technology and Packaging SL, Naturin Viscofan GmbH and Viscofan Centroamerica Comercial SA.