In the press release dated March 24th, 2025, Pozzi Milano SpA, a company active in the tableware fashion segment and owner of the “EasyLife” brand, as well as the historical brands “Pozzi” and “Castello Pozzi” through its subsidiary Pozzi Brand Diffusion Srl, announced the completion, effective as of March 21st, 2025, of the acquisition of 90.0% of the share capital of Venditio SAS. Founded in 2017 and headquartered in Montélimar, France, Venditio operates as a master agent specialized in the promotion and sale of tableware and kitchenware products and has been a longstanding commercial partner of Pozzi Milano.
Venditio has established itself as a strategic partner for Pozzi Milano, thanks to its strong presence in key markets such as France and Belgium and its proven expertise in commercial operations. As of June 30th, 2024, the structure included a team of eight professionals active in both countries, supported by a highly specialized distribution network capable of enhancing the value of the brands represented. By the end of December 2023, Venditio was managing the representation of the “EasyLife” and “Pozzi Milano 1876” brands, playing a key role in strengthening their visibility, positioning, and commercial penetration. Over the past three financial years, this collaboration has generated a total business volume of over € 10.00 million for Pozzi Milano, confirming the effectiveness of the operational model and the strength of the relationships built in the region.
The binding agreement governing the transaction provides for the acquisition by Pozzi Milano of 90.0% of Venditio’s share capital, with an option to acquire the remaining 10.0%. The total agreed consideration for 100.0% of the company is € 0.75 million, broken down as follows:
€ 0.68 million already paid at closing using internal funds, corresponding to the acquisition of 90.0% of the share capital;
€ 0.08 million euro related to the remaining 10.0%, covered by a purchase option to be exercised in two tranches of 5.0% each, at a pre-agreed price of € 0.04 million per tranche. The first tranche will be exercisable between July 1st and September 1st, 2025; the second between February 28th and April 30th, 2027.
The acquisition marks a strategic step in Pozzi Milano’s consolidation path in the French market – a key area for the Group’s development, already accounting for approximately 20.0% of revenues as of December 31st, 2023. With this operation, the Group reaffirms its external growth strategy and lays the groundwork for the creation of a strategic hub for all its brands, aimed at significantly expanding its commercial and distribution capabilities, optimizing the supply chain, and enhancing the commercial expertise developed in the French market.
In conclusion, the integration of Venditio significantly strengthens Pozzi Milano’s direct presence in France, improving efficiency across the entire value chain and enhancing the Group’s ability to serve the market with a more structured offering, aligned with the needs of local operators. The transaction represents a tangible step in the Group’s international growth strategy, further solidifying Pozzi Milano’s position as a leading player in the European tableware and kitchenware industry.
While awaiting the upcoming meeting with management to comment on full-year results, we reiterate our recommendation: Target Price: € 1.25, rating BUY and MEDIUM risk.
|
