(Alliance News) - Radici Pietro Industries & Brands Spa announced on Wednesday that it has acquired from Miro Radici Family of Companies Spa a 26 percent stake in 100%TurfRecyclers Srl and signed a shareholders' agreement with the seller that, by giving the company control, allows it to fully consolidate TurfRecyclers.

In addition, the company approved the business plan to 2025 where revenues are projected at EUR70.6 million in 2025 from EUR56 million in 2023 and EUR65.9 million in 2024.

Ebitda in 2025 is expected to be around EUR7.9 million from EUR4.9 million in 2023 and EUR6.6 million in 2024.

Net financial position is expected to be minus EUR15.2 million in 2025 from minus EUR16 million in 2023 and minus EUR17.8 million in 2024.

Finally, Radici reported a 42 percent increase in revenues as of Feb. 29 compared to 2022.

CEO Ivan Palazzi commented, "Today opens a new chapter for our company, we are very pleased to be able to announce the first post-listing M&A transaction. The acquisition demonstrates the company's commitment to pursuing ESG priorities as the basis of the business plan by supporting long-term growth, as the company acquired today designs and sells facilities capable of transforming end-of-life synthetic turf sports fields into secondary raw material."

"Said extraordinary transaction turns out to be both strategic and synergistic with the business carried out by the company, and we firmly believe that we are on the right path to an increasingly sustainable future. The commitment on ESG issues will be increasingly strategic to seize all future business opportunities."

On Wednesday, Radici closed flat at EUR1.08 per share.

By Claudia Cavaliere, Alliance News reporter

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