10th Oct 2022 13:16
Zamaz PLC - London-based e-commerce firm - Says subsidiary Bella Dispensa has agreed to buy a 70% stake in Eccellenze Srl for EUR410,000, to be satisfied by issuing 3.2 million new Zamaz shares, which means an issue price of 12.8 pence each. Bella Dispensa has a three-year option to buy the remaining 30% of Eccellenze for an additional EUR240,000 in shares.
The acquisition will enable all three luxury branded food businesses within the firm to access each other's customer bases and "cross-sell products to a similar set of high quality clients", Zamaz explains. It is the second acquisition since Zamaz's successful listing on London Main Market on September 2.
Eccellenze is a luxury food products business based in Milan. The firm bought premium quality Italian meat retailer Ecocarni at the end of last month for EUR972,500.
Bella Dispensa Managing Director Daniele Besnati says: "The acquisition of Eccellenze provides us with a great opportunity to benefit from the very substantial growth in online luxury food and grocery shopping both in Italy and internationally. Following on closely from our acquisition of Ecocarni, we are building critical mass to enable us to accelerate our development plans whilst at the same time further expanding our premium customer base. As ever, quality and sustainability remain central to what we do."
Current stock price: 11.00 pence, up 10% on Monday
12-month change: up 16%
By Xindi Wei; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
ZAMZ.L