Automatic machines manufacturer IMA has signed an investment agreement with Transworld Packaging and its shareholders to acquire a 40% stake in the Ilapak Group, which manufactures primary packaging machines for the food sector.
The agreement envisions a financial intervention on the part of IMA, consisting of an equity investment and contribution and the subscription of a convertible bond worth €9m in Transworld Packaging. This in turn is expected to recapitalize its Swiss subsidiary Ilapak international for the same value.
According to the Italian company IMA, joining the Swiss Group will help the company expand the range of products it can offer in the field of packaging.
IMA will acquire a 40% stake in Transworld Packaging at closing, with the option to rise its stake to 51% through the bond conversion and an option to buy additional Transworld to reach 80% of the Ilapak Group.
The Ilapak Group, which realized consolidated sales of around €84m in 2012, aims to achieve a return in line with the sector.
