The market capitalization of the new group, which will be listed on the BME Growth in mid-November, exceeds 300 million
Iffe Futura, the industrial and services group, has completed its integration process, announced in July of this year, with Grupo Natac, a company focused on the research, development, manufacturing and marketing of botanical ingredients, after "successfully" closing a capital increase of 52 million euros, as reported this Monday by both companies.
This reinforces the integration of both companies, which has been carried out through the operation by which the shareholders representing approximately 95% of Natac's share capital have contributed their shares to Iffe through a non-monetary capital increase.
Additionally, Iffe's contributing shareholders have reached an agreement to acquire the remaining shares of Natac, up to 100% ownership.
The resulting group plans to promote the contribution to its share capital, through a non-monetary capital increase under the same conditions as announced, in the coming weeks.
In addition, the new combined group, which will begin to be listed jointly in mid-November on the BME Growth, will have an initial market capitalization of more than €300 million.
The transaction has implied a 100% valuation of Grupo Natac of 216 million euros, which have been paid entirely with new shares issued by Iffe Futura at a unit price of 0.675 euros.
Following the operation, Natac shareholders become the reference partners of the new group, and Antonio Delgado, current CEO of Grupo Natac, will become president and CEO of the resulting company.
Likewise, both companies have detailed that the capital increase has obtained "solid" support from the market, since demand has exceeded the supply of new shares, with requests for securities for an amount of more than 56 million euros.
This result highlights the interest that has been aroused among investors, who have placed significant trust in the project.
Among these are various funds from Inveready and Stellum Food
Thanks to the capital increase, Iffe Futura, according to the information sent, will shore up the balance sheet of the integrated group and the liquidity of the share will be facilitated, with an estimated working capital after the transaction of 20%.
Both firms have assured that the integration of Iffe Futura and Grupo Natac creates a new company of "indisputable" power in the natural ingredients market, capable of offering a range of "exceptional" products backed by a solid base of innovation and sustainability.
The operation has had legal advice from Garrigues and Grant Thornton, while Andbank España Banca Privada and Renta 4 Banco have acted as joint underwriters in the capital increase and DCM Asesores and IWEM have been advisors on the transaction.
"From now on, we begin a new stage to be a leading group in the field of healthy ingredients of natural origin, with formidable growth potential," said the president of Iffe Futura, David Carro.
For his part, the CEO of Grupo Natac, Antonio Delgado, highlighted that the support of investors in this capital increase is a "testimony of the effort and vision that we have maintained since the beginning of our business path."