Lavazza strengthens its investment in the vending sector and – through the newly established company Gray – launches a voluntary takeover bid at 7.15 euros per share and entirely in cash on all the shares of Ivs Group, aimed at the delisting. The offer of the Turin group, which already controls a share of approximately 20% of Ivs through the Lavazza family vehicle, Torino 1895 Investimenti, incorporates a premium of 18.9% compared to the weighted arithmetic average of the official prices of the stock recorded in the last six months.
The agreements
The operation set up by the board of directors chaired by Giuseppe Lavazza, supported by the honorary president Alberto Lavazza, the deputy Marco Lavazza and the CEO Antonio Baravalle provides for a series of agreements signed by E-Coffee Solutions (abbreviated as Ecs, a company controlled by Luigi Lavazza spa) and by Ivs Partecipazioni (majority shareholder of Ivs Group), but the vehicle with which it will be launched is a newco currently entirely controlled by Ecs. The group thus adds a new piece to the perimeter which in 2023 saw revenues equal to 3.1 billion eurosgrowing by 13% compared to 2022. Ivs has a turnover of around 700 million which will be added in the future, bringing the overall turnover well over 4 billion
The structure of the operation
«The structure of the operation in the event that, starting from 2027, the options provided for in the agreements were exercised would allow the Lavazza group to strengthen its ability to compete with the other major coffee players at an international level, thanks to an ever-growing dimension more important, also in the strategic vending channel, structuring itself in an even more solid way to compete in the current complex macroeconomic scenario” comments Antonio Baravalle, president of Ecs and CEO of the Lavazza Group.
Premium equal to 11%
The price offered is 7.15 for each tendered share and incorporates a premium equal to 11% compared to the closing price of Ivsg shares recorded on 22 April, a premium of 6.9% compared to the official price of Ivsg shares as of 19 April (last trading day before the announcement date), a premium of 18.9% compared to the weighted arithmetic average of the official prices recorded by Ivsg shares in the last 6 months.
The delisting
In detail, Gray will launch the takeover bid for 28.36% of the capital and after the conclusion of the offer Ivs Partecipazioni will contribute another 50.75%, while Torino1895 (Lavazza group) will contribute the 20.4% already held. Ivs partecipazioni will thus come to have at least 51% of Grey’s capital. The parties have therefore signed a shareholders’ agreement to manage the governance of Grey, as well as call and put options which could lead the Lavazza group to have control of Ivs Group (or of the company possibly created from the merger between Gray and Ivs) starting from 2027 and until 2034.
Tags: Lavazza buys Ivs coffee distributors launches takeover bid delisting group billion revenues
