Comet S.p.A., a company heading a group of leading global operators in pumps for agriculture and high-pressure water jetting, and controlled by Emak S.p.A., a company listed on the Star segment of the Italian stock market controlled by Borsa Italiana, has closed today a binding contract for the acquisition of 83.1% of Lavorwash S.p.A., by Zenith S.p.A. (belonging to the Lanfredi family) and by the Migliari family. The contract also foresees the entering into option agreements for the transfer of a further 14.7% of the share capital.
Comet was assisted in the operation by Baldi&Partners in the role of legal advisor by the name partner Francesca Baldi.
Sellers Zenith S.p.A. and the Migliari family were assisted by Law Firm Sutich Barbieri Sutich, with a team formed by name partner Giorgio Barbieri and associates Mario Varchetta and Alessandro Nironi Ferraroni.
Lavorwash, headquartered in Pegognaga (MN), Italy, is the leader of an active Group in the design and manufacture of a wide range of machines for the cleaning sector such as high pressure cleaners, vacuum cleaners, and floor scrubbers.
The value of the transaction (in terms of price subject to adjustment) for the acquisition of 83.1% of the share capital of Target is around 54,800,000 Euro.
The operation between the two Italian groups is based on solid long-term strategic and industrial preconditions.
In particular, the agreement offers the opportunity for Comet S.p.A. to accelerate the growth of its business in the “pumps and high pressure water jetting” segment, and at the same time allows Lavorwash to share with the Emak Group a development path based on common business values and a long-term horizon.