ITALY/RUSSIA. Luggage protection and tracing services specialist Safe Bag has signed a binding agreement for the acquisition of 51% of the companies in the PackandFly Group.
As reported, a letter of intent for the acquisition was signed on 1 February.
Completion of due diligence is expected by 30 April 2018 and in the following seven working days Safe Bag will notify the PackandFly Group in writing about the results. If successful, the investment agreement is expected to close by 30 July 2018. Establishment of the final price is subject to the results of the due diligence.
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.
Following the transaction, PackandFly Group’s majority shareholders Alexander Fedoseev and Polad Akhmedov will become minority shareholders of the Safe Bag Group. Fedoseev will maintain the entire minority quota of the capital of the companies in the PackandFly Group equal to 49%. He will also maintain the role of CEO.
“With the acquisition of PackandFly, we are achieving the objectives of Plan 2020 two years ahead of schedule,” said Safe Bag CEO Alessandro Notari. “I would like to thank our new partners Alexander Fedoseev and Polad Akhmedov, with whom we share the passion for excellence and attention to results.
“We are already working to identify and launch all the potential economic opportunities deriving from the merger of the two groups such as the cross selling of certain products and the synergic rationalisation of structure. The future is smiling at us.”
Safe Bag Chairman Rudolph Gentile added: “Today’s agreement marks the positive start of a new successful growth path. As already announced, we will continue to commit ourselves to ensuring that the group continues to grow in an exponential manner and to achieve this we are already negotiating with other important realities in the sector.”
