ITALY/RUSSIA. Luggage protection and tracing services specialist Safe Bag has signed a letter of intent for the acquisition of 51% of PackandFly Group.

Founded in 2011, PackandFly Group offers luggage wrapping services predominantly in the Russian Federation, and also operates across Europe and Asia. It has a presence in 24 airports with 60 points of sale and an expected 2017 group turnover of €16 million.

The transaction will be finalised if a due diligence process is successfully completed. It will start in the coming days and is expected to conclude by the end of May. If successful, a final transaction price will also then be set.

Safe Bag said it was hoping to complete the acquisition by 15 July 2018.

“This agreement represents the start of a new growth strategy which sees Safe Bag becoming the aggregating hub of the most important companies in the sector present in the world,” said Safe Bag CEO Alessandro Notari.

“The agreement with the partners of PackandFly Group derives from the sharing of visions and expectations for the creation of synergies and value for both groups. The result will be a corporation with more than five million clients, present in more than 50 airports, 160 points of sale in 14 nations and with more than 650 employees.”

Safe Bag Chairman Rudolph Gentile added: “Our main aim is to create value for shareholders. We want to grow quickly and in an exponential manner and the best way to do it is to grow through external lines, and this is why negotiations with other operators in the sector are already underway.”