The Board of Directors of Reno De Medici S.p.A. (RDM) approve the right of first refusal, as provided for in the by-law, aimed at acquiring 66.67% of the share capital of Pac Service S.p.A, a company operating in the field of cutting and processing cardboard, from Bellon’s family, currently majority shareholders.
The residual stake of 33.33% is already owned by Reno De Medici, which, after the closing expected by December 31th 2017, will hold the 100% control of a company of which it is a strategic provider and will integrate the value chain.
Michele Bianchi, CEO of RDM, stated: "The acquisition by the RDM Group of Pac Service S.p,A., which already owns 33.33%, has a strong strategic value for both the target company - which is distinguished for a customized and just in time service - and the RDM Group, which strengthens the relationship with a company that was already a strategic provider. In addition, from an economic point of view, PAC Service provides good profit margins with relatively low volumes."
The transaction will be carried out for a total consideration of Euro 10 million by using the available liquidity.
Pac Service has been operating since 1979 in the processing cardboard and cutting industry, particularly for packaging, publishing, graphics, cosmetics and the food industry.
The Reno De Medici Group is the leading Italian and second-ranked European producer of cartonboard made of recycled fibers material.
