Orsero S.p.A. completed the acquisition of an 80% stake in Blampin S.a.s. from Blampin and Colin families.
January 09, 2023
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Orsero S.p.A. (BIT:ORS) signed an exclusivity agreement to acquire 80% stake in Blampin S.a.s. from Blampin and Colin families for €40 million on July 27, 2022. In a related transaction, Orsero signed an exclusivity agreement to acquire CAPEXO S.a.s. for €44.6 million from Vincent Soler and Jean-Luc Maury. As of December 22, 2022, Orsero signed a share purchase agreement to acquire 80% stake in Blampin S.a.s. from Blampin and Colin families for €40 million. The fixed consideration for 80% of the share capital is provided in €32 million, to be paid at the closing of the transaction. It is also envisaged an amount as earn-out up to maximum €8 million divided into 4 annual tranches of the same amount subject to the achievement of profitability targets (adjusted EBITDA) set for the years 2023, 2024, 2025 and 2026. The transaction is expected to be financed partly through Orsero's available financial resources and partly through a bank loan. In a related transaction, Orsero S.p.A. signed an agreement to acquire CAPEXO S.a.s.
Upon completion of the acquisition, the Blampin family, besides retaining a minority stake in Blampin's share capital, will maintain operational powers and some management positions. In particular, Stéphane Blampin will keep its current assignment as President of Blampin. Blampin achieved revenues of approximately €195 million for the 12 months ending December 31, 2021.
The closing of the transaction is subject to the verification of the respective conditions, including the completion of the procedures relating to antitrust and the "LOI Hamon". Orsero will carry out due diligence activities and negotiate with the sellers the final agreements governing the acquisition. The closing of the transaction is expected in the last quarter of 2022. As of December 22, 2022, the transaction is expected to close by the first half of January 2023.
Orsero S.p.A. (BIT:ORS) completed the acquisition of an 80% stake in Blampin S.a.s. from Blampin and Colin families on January 10, 2023. David Scemla, Christel Alberti and Virginie Viallard of Viguié Schmidt & Associés and Gatti Pavesi Bianchi Studio Legale Associato acted as legal advisors to Orsero.
Orsero SpA, formerly Glenalta Food SpA, is an Italy-based Company primarily engaged in the import and distribution of fruit and vegetable products. The Company operates as the Orsero Group through three segments: Distribution, Shipping, and Services. It distributes and imports tropical fruit and vegetables, including bananas, pineapples, and avocados, shipping them by maritime freight transport services. The Company is present on the global market and provides its products to variety of retail chains and wholesalers offering delivery services also to other importers and distributors.
ORSERO S.P.A. 
