Fiera Milano: preliminary agreement for the purchase of 60 percent of Made Eventi

Fiera Milano has announced the signature, on July 17th, of a binding preliminary contract for the acquisition of 60 percent of the company Made Eventi from Federlegno Arredo Eventi.
Made eventi organizes Made expo, the biennial international exhibition of architecture and construction dedicated to designers, companies, buyers and specialized operators, in the Fiera Milano exhibition center. The last edition of the Made expo event, which was held from 13 to 16 March 2019, occupied a net exhibition area of ​​approximately 50 thousand square meters and registered over 90 thousand visitors, of which about 10 percent came from abroad.
The agreed purchase price for 60 percent of the company Made eventi is set at 1.86 million euros. The price provides for the absence of financial debts of the acquired company.
The managing director and general manager of Fiera Milano, Fabrizio Curci, commented: “The acquisition is one of the lines of development of the Strategic Plan 2018-2022, further strengthening the portfolio of directly organized exhibitions…This transaction also helps to further consolidate the partnership between Fiera Milano and Federlegno Arredo Eventi, organizer of the furniture fair Salone del Mobile.Milano“.
Emanuele Orsini, president of Federlegno Arredo Eventi commented: “The sale of the majority stake of Made expo to Fiera Milano stems from the desire to strengthen a strategic asset for our Group. In these years the event has been confirmed as the most important Italian fair dedicated to building and architecture; now the time has come to improve the investments made up to now by focusing on a consolidation which, thanks to a partnership of the highest level, will allow Made expo to play an increasingly significant role in the international panorama of exhibitions dedicated to the construction world”.
Made Eventi, in the financial statements for the period ended 30 June 2017, reported revenues of 10.4 million euros, an Ebitda of 0.7 million euros and a net profit of 0.4 million euros. The company, in the financial statements for the period ended 30 June 2018, the year in which the Made expo event was not held, recorded revenues of 660 thousand euro, a negative Ebitda of 1.5 million euro and a negative net result of 1,2 million euros.
The signing of the purchase agreement is expected by the end of October 2019.