PATTERN S.P.A. (Alliance News) - Pattern Spa announced Wednesday that the purchase of 100 percent of Umbria Verde Mattioli Srl, an Umbrian company specializing in the production, processing and marketing of luxury knitwear, from its two founding partners Simone and Leonardo Mattioli was finalized today through its 80 percent subsidiary SMT Srl.
The acquisition price of EUR20.0 million was paid by SMT to the sellers, as to EUR8.0 million on today's date, for EUR3.0 million will be paid in equal annual installments until the third anniversary following the date of execution, subject to the sellers' continued membership on UVM's board of directors, according to the note released by the company.
Finally, the remaining consideration of EUR9.0 million was offset to subscribe for and fully pay off, also on today's date, the capital increase of SMT reserved for the sellers to acquire from them, a minority stake in SMT, equal in total to 10 percent.
In addition, a shareholders' agreement was entered into between Pattern, Camer Srl, Leonardo Mattioli and Simone Mattioli, as shareholders in SMT. Thus, Pattern purchased from Camer, a wholly owned subsidiary of Stefano Casini, an 8% stake in SMT. The purchase was made at a total price of EUR6.2 million, without adjustment, of which EUR1.2 million was paid to Camer today; and EUR5.0 million will be paid in five installments of EUR1.0 million each, to be paid in the five years following today's date by December 31 of each year. The first installment is to be paid
by December 31, 2025.
SMT, following the completion of the two transactions, is 80% owned by Pattern; 10% by Camer and for the remaining 5% and 5% severally by Simone Mattioli and Leonardo Mattioli, respectively.
Pattern trades in the green by 1.3 percent at EUR6.20 per share.
By Claudia Cavaliere, Alliance News reporter
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