(Finance) – RedFish LongTerm Capital (RFLTC), an industrial holding company specialized in investments in small and medium-sized businesses with high potential, announced that the 96% subsidiary Movinter has completed the acquisition of 75% of the shares of Six Italia, a historic Genoese operator active in the creation of complex fire protection, soundproofing and flooring systems for naval supplies and for the rolling stock market, including high speed. The operation was announced at the beginning of December 2023.
The closing of the operation took place following a payment of 1.8 million euros paid entirely by Movinter to the selling parties, financed through the use of RFLTC’s own resources through the payment of a shareholder loan of 1.9 million in favor of Rail Fish (a vehicle 96% controlled by RFLTC which in turn holds 100% of Movinter ) and of the latter in favor of Movinter. The remaining 25% of Six Italia’s share capital will remain the property of Fabio Raffaghello (15%) and Fortunato Guida (10%).
It is envisaged as part of the operation that the selling partners will be granted a possible earn-out to be calculated on the results of Six Italia resulting from the approved financial statements which will close on 31 December 2024, based on a multiple of 1.25x the incremental EBITDAR between 2023 and 2024.
The operation – we read in a note – is part of the strategy of horizontal integration in the Aerospace, Rail & Navy market which began with the acquisition, at the end of 2021, of Tesi and continued with the purchase of control of Movinter in April 2023, with the aim of optimizing the offer of complex kit assemblies (pre-assembled components for the assembly) and the consequent competitive positioning towards the major global manufacturers. The acquisition of Six Italia by Movinter will allow RFLTC to exceed 41 million euros in pro forma consolidated turnover at the end of 2023.
The new Board of Directors of Six Italia is made up of Paolo Pescetto as President, Fabio Raffaghello as CEO (confirming the previous position), Simone Lo Giudice (formerly CEO of Movinter) as Co-CEO, Fortunato Guida as CEO of the BU Navale and Patrizia Astesiano as Advisor.
(Photo: © Veerasak Piyawatanakul)