(Finance) – Sicily by Cara company listed on Euronext Growth Milan and among the main operators in Italy in the short-term car rental sector, has signed with the shareholders of Nova Gratia doo and of Auto Dalmacija dooboth companies under Croatian law with headquarters in Trogir, a binding agreement for 100% purchase of the share capital of the two companies. The operation allows Sicily by Car to take a further step forward in the internationalization process for both leisure rental and B2B.
“Following the greenfield entry in Portugal, we are pleased to announce our entry in another European country with a strong tourist vocation like Croatia – commented theCEO Tommaso Dragotto – The two companies in the acquisition phase, Nova Gratia and Auto Dalmacija, thanks to the foresight of the founders who have gained over 15 years of expertise in the sector, share with our group the excellence in terms of quality of service, sizing of the fleet and geographic presence”.
Founded in 2009, Nova Gratia has a leading position in the Croatian leather market.car rental, with a fleet that in summer 2023 numbered over 850 vehicles and a widespread presence throughout the territory with premium locations in airports (Zagreb, Split, Dubrovnik, Zadar, Pula) and city centers (Zagreb, Split, Trogir, Opatija) . Founded in 2016, Auto Dalmacija is a authorized KIA dealer for the territory of Split and Dalmatia. In addition to the sale of new KIA vehicles, it offers repair, maintenance, assistance and consultancy services on the most favorable vehicle financing and insurance conditions. The company also sells used vehicles, among which the vehicles of the associated company Nova Gratia stand out.
Nova Gratia and Auto Dalmacija are both owned by Damir Bubric, Josko Bubric, Rino Pavlov and Ana Harasic, who have over 15 years of experience in the sector. The target companies achieved the following aggregate results in 2023, net of intercompany transactions: revenues equal to 8.1 million euros, EBITDA equal to 1.1 million euros, Net Financial Position negative for 2.2 million euros.
The agreement provides for the purchase of 100% of the share capital of the target companies for a total price equal to 4,500,000 euros. On the closing date, the amount of 3,600,000 euros will be paid, subject to adjustments, and within 45 days following the first anniversary of the closing, an amount of 900,000 euros will be paid, subject to compensations. The payment of a sum to the sellers is also envisaged earn out. The operation is carried out exclusively through the use of own resources by Sicily by Car.