(Finance) – Greenthesis yesterday completed the acquisition of 80% of the company’s share capital Euro Veneta, Ecorex, Elite Ambiente, Emme Trasporti and Execopart of the Ethan industrial group and active mainly in North-East Italy in the management of different types of waste, both hazardous and non-hazardous, with a strong vocation for the recovery of materials.
The Operation, in line with the Group Strategic-Industrial Plan 2023-2027 approved on 6 April, represents a further important step in the company’s growth path in the sector of integrated management of the industrial waste cycle. The acquisition of these operating companies also allows Greenthesis to expand its presence in the sector and consolidate its position as a leader in the field of industrial and urban waste management.
The Ethan Group is one of the main operators in North-East Italy specialized in the collection, transport, treatment,
recovery and disposal of special waste (hazardous and non-hazardous) products from the industrial and agricultural sectors. The Ethan Group’s approach, in line with the vision of Greenthesis, strongly oriented towards the recovery of materials and the principles of the circular economy, is focused on obtaining value from waste through recycling, reuse and other sustainable strategies.
The Target Companies, having a staff of approximately 80 people and which are attributable, with reference to the results estimated for the 2023 financial year, to a total turnover of approximately 30 million Euros, a total gross operating margin of over 6 million Euros , as well as an overall positive net financial position quantified at 30 September 2023 at approximately 4.8 million euros, carry out their business through six different waste treatment plants, located in the provinces of Vicenza, Verona and Padua.
The the equity value consideration for 80% of the shares was equal to 25.3 million eurossubject to adjustment based on the deviations of the NFP as of 31 January 2024 compared to the NFP as of 30 September 2023.
In the context of the binding agreements signed between the parties in reference to the Operation, it is also expected that, by 30 June 2026, Greenthesis will also purchase the remaining 20% of the share capital of the Target Companies, as well as be able to proceed with the possible purchase of five real estate complexes instrumental to the operational activity currently used by the Target Companies themselves.
Regarding the successful completion of this further operation of strategic importance for the Greenthesis Group, the General Director Dr. Vincenzo Cimini underlined how the Operation, supported through resources deriving from the financing of 50 million Euros finalized by the Company with a pool of banks financing companies, already allows the substantial achievement of the pre-established medium-term objectives, such as growth in consolidated revenues, in the order of 250 million Euros, an estimated gross operating margin of approximately 50 million Euros and a better overall positioning among the main sector players.
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