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IMA Industria Macchine Automatiche SpA Signs Agreement for Purchase of 40% Stake in ILAPAK Group


Wednesday, 6 Feb 2013 01:31am EST 

IMA Industria Macchine Automatiche SpA announced that on February 5, 2013, it has signed an investment agreement with Transworld Packaging Holding BV and its shareholders, subject to conditions precedent, to take a 40% stake in the ILAPAK Group, which makes primary packaging machines for the food sector using flexible material (horizontal and vertical flowpacks). Thanks to this alliance, IMA and ILAPAK will benefit from synergies that will help both businesses to grow. ILAPAK International S.A. is the principal operating unit of the ILAPAK Group. The agreement envisages a financial intervention on the part of IMA, consisting of an equity contribution and the subscription of a convertible bond worth a total of EUR 9 million, in Transworld Packaging Holding BV, which in turn will recapitalize its Swiss subsidiary ILAPAK International S.A. for the same amount. Once the deal is completed, IMA will have acquired a 40% interest in the parent company, Transworld Packaging Holding BV, with the chance to increase its investment up to 51% by converting the bond mentioned previously. IMA would then be granted an option to purchase additional Transworld shares to reach 80% of the ILAPAK Group, with the current majority shareholder, in this case, having the possibility to ask IMA to extend its option to the entire share capital. The parties will sign a shareholders' agreement to regulate certain aspects of the Group's governance. 

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