IVS Group S.A., company listed on the STAR segment Euronext Milan and active in the vending sector of beverages and snacks, has signed a business combination agreement with a group of shareholders of Ge.S.A. s.p.a., one of the first and most important Italian operators in the sector. The integration – which follows the one of last October with Liomatic group (enterprise value € 154 million) – will allow to further improve the national commercial and logistic coverage. The size of the new group will encourage product and process innovation, allowing to maximize the benefits of its investments, including those aimed at developing direct digital interaction with millions of consumers.
The price has been preliminarily set at €84 million, subject to adjustment based on the net financial position at closing. The structure of the transaction requires shareholders of GeSA to reinvest in IVS approximately 75% of the consideration by subscribing to a reserved capital increase in IVS Partecipazioni s.p.a. (controlling shareholder of IVS Group), thus becoming one of the major shareholders.
IVS Group will in turn carry out a capital increase offered to the market and which will be subscribed pro-quota by IVS Partecipazioni itself.
The closing of the transaction is expected in the second quarter of 2022.

IVS Group S.A. is assisted by TALEA Tax Legal Advisory with Gabriele Consiglio, Fabrizio Lanzoni and Melania Mazzon for the investment agreement, by Paolo Ziotti for antitrust clearance and by Latham & Watkins for market profiles with Antonio Coletti.

GESA shareholders are assisted by ADR with Andrea Netti and Eleonora Netti.