(Tiper Stock Exchange) – Franks Umberto Marbles, an international leader in the processing and marketing of Carrara marble, has finalized the acquisition of 49% of FUM Australia Pty, a company incorporated under Australian law, at the same time signing an option contract concerning the discretionary and unconditional right to purchase of a further shareholding representing 2% of the share capital of the same.
Franchi Umberto Marmi has been present on the Australian market since November 2019 through a 49% stake in Franchi Umberto Marmi Australia Pty, the company that owns the Sydney showroom.
The stake in FUM Australia Pty will also grant the company access to a presence represented by a showroom in Melbourne.
It is envisaged that FUM Australia, with a view to rationalization, will acquire the entire share capital of Franchi Umberto Marmi Australia Pty, in which the Company currently holds a stake equal to 49% of the share capital, thus bringing together under a single vehicle all the activities of FUM in the Australian territory.
This operation – explains a note – will allow the Company to have greater presence on the Australian market, through the showrooms in Sydney (currently owned by Franchi Umberto Marmi Australia Pty) and Melbourne, and directly manage the commercial activities in Australia. The transaction consolidates the Company’s competitive advantage in the supply of Carrara marble products and services to current and potential Australian customers, and helps to strengthen the relationship with its customers.
Paolo Nicolai, already historical commercial partner of the Company in the Australian market and indirectly owner of the remaining part of the share capital of Franchi Umberto Marmi Australia Pty, will remain in office as Chief Executive Officer of FUM Australia.
“Australia is a market where we started to see an opportunity even before the stock market listing. Already in 2019, we started a solid alliance with Paolo Nicolai, a historical collaborator of the company – he commented Alberto Franchi, CEO of Franchi Umberto Marmi -. The partnership has allowed Franchi Umberto Marmi to enter an evolving market, with a constantly growing demand, especially in high value-added marbles, such as Calacatta and Statuario. By acquiring 49% of FUM Australia Ptywhile guaranteeing us the possibility of increasing the stake to 51%, we grow our structure and the international presence of the Groupstrengthened by the quality and the ability to innovate the processes that are reflected in the beauty of our products. The investment will help expand one of the most promising marketsa reference for our sector and for the entire Carrara sector”.