Ovs, Back to Basics: Get 100% Coins
offset He comes to terms with his history and goes back to where it all began by preparing for the survey CurrencyToday, it is a chain with sales of less than 400 million and a network of 37 “full-coordinated” stores in major Italian city centers, as well as 100 Coincasa stores. The company headed by the CEO Stefano Peraldo announces that it has signed a letter of intent with Coin shareholders giving it the right to initiate and conduct an exclusive due diligence phase aimed at executing a possible acquisition of 100% of Coin’s share capital by November.
In detail, the letter of intent states that Ovs has “the right to initiate and conduct the exclusive due diligence phase, during which the Board of Directors will engage external advisors, with a view to reaching – if a satisfactory outcome is obtained for Ovs and obtaining all necessary licenses – upon completion of the acquisition by the end of November 2022”
Operation that somewhat refers back to origins, since Ovs (originally Oviesse warehouses) was born in the 1970s as a coin splitter. In those years, the third generation of coins has already entered the company, with Piergiorgio and Vittorio. Oviesse is the heir to the small Coinette chain that brought unsold items from the big brand to the suburbs. Bergiorgio managed the company and led it for 25 years, from 1974 to 1999. But the first family disputes also began and even a court battle until the listing on the Milan Stock Exchange. In 2005, the private equity fund ePartners acquired the majority, the entire family withdrew from the capital of the group and Stefano Peraldo was appointed CEO. In 2011, Pai Partners sold to BC Partners, which is proceeding with the delisting process. In 2015, only Ovs spa was listed on the stock exchange and the fund gradually exited from the capital of the company that is today a real public company (the only major shareholder is Tip di Giovanni Tamburi with about 25%). In 2018, BC Partners also sells Coin to Centenary, which is made up of a group of managers and investors mainly from Veneto, including Stefano Beraldo himself with a small stake (which is why the acquisition project falls within the framework of related transactions). Today Coin is the most widespread supermarket chain in Italy. On the other hand, Ovs has more than 2,000 stores in Italy and abroad and in 2021 recorded sales of 1.359 billion euros and 147.2 million EBITDA.
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