SITI B&T Group acquires a 75% interest in Diatex
The binding purchase contract for the 7.5 million euro deal was signed on 27 June, with the closing date set for December.
The SITI B&T Group is continuing to grow. With the signing of the binding purchase contract on 27 June, the Formigine-based group has acquired 75% of the shares of Diatex of Villaverla (Vicenza), one of the best known producers of diamond tools for working stone and ceramic. The value of the deal is 7.5 million euros, with 6 million euros to be paid at the closing date in December and the remaining 1.5 million euros over the following 30 months. The agreement also includes Put & Call options on the residual shares to be exercised after 5 years.
In 2018, Diatex S.p.A. posted revenue of 10.7 million euros, an EBITDA of 1.9 million euros and a net financial position of 1.2 million euros.
The acquisition of Diatex will enable SITI B&T Group to develop “new synergies with Ancora’s finishing technologies so as to offer the market new high-performance products and new services,” commented CEO Fabio Tarozzi. “At the same time, Diatex will benefit from the Group’s international network to give a strong boost to its exports,” he added.