Lu-Ve plans stock market listing
3rd February 2015
ITALY: Refrigeration equipment manufacturer Lu-Ve is looking for growth after taking the decision to float on the Italian stock market.
As part of the move, investment company Industrial Stars of Italy has signed an agreement to merge with Lu-Ve Group pending the stock market float in July.
The Liberali family will continue to hold a majority share in the parent company Lu-Ve SpA. The company ownership is currently split 74% by Finami Srl, headed by Liberali family and 26% by G4 Srl, headed by the family Faggioli family. None of the current shareholders will sell shares as part of the ISI deal.
The board of directors of Lu-Ve SpA after the merger will be composed of 10 members: president founder Iginio Liberali as president, Pierluigi Faggioli as vice president and CEOs Matteo Liberali and Michele Fagg. Giovanni Cavallini and Attilio Arietti will represent ISI.
“The opening of capital and access to the stock market are the continuation of the growth that has characterised so far, following our traditional principles: leadership and passion,” said Iginio Liberali. “The funds raised will be dedicated to new investments of organic development and external, with the objective to expand further on the markets with the highest growth rate. “
Giovanni Cavallini, Chairman of ISI , said: “Industrial Stars of Italy, before choosing LU-VE, analyzed arched company. With this agreement, we offer our investors an operation that fully respects the objectives we set ourselves: to provide resources for the development of a great Italian industrial company, already internationalized and leader in a niche market redditiva and growing. We are confident that investors who will follow us in this initiative will gain great satisfaction. “
Over the past five years, the Group recorded a turnover of more than average annual growth of 9% and an average profitability of approximately 14% (EBITDA margin).
