Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — Merger or Acquisition (June 2021)
20 slides from Italian Wine Brands's merger presentation, Jun 21, 2021
Slide 1: Italian Wine Brands to acquire 100% of Enoitalia S.p.A.
1 Italian Wine Brands to acquire 100% of Enoitalia S.p.A. Investors Presentation 21 June 2021
Slide 2: Agenda
2 Agenda 1. Deal highlights 2. Business Overview 3. Strategic Rationale 4. Deal Structure and key financial metrics 5. Conclusion and Q&A
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Slide 4: Agenda
Agenda 1. Deal highlights 2. Business Overview 3. Strategic Rationale 4. Deal Structure and key financial metrics 5. Conclusion and Q&A 4
Slide 5: 1. Leading Italian wine producer
1. Leading Italian wine producer The Target > An Italian privately owned family company, Enoitalia S.p.A. (‘Eno’) is a leading wine producer with a strong commercial distribution platform and a solid sourcing / industrial footprint > With over Eur 200 m of net revenues, 111 million bottles sold arou
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Slide 7: Agenda
Agenda 1. Deal highlights 2. Business Overview 3. Strategic Rationale 4. Deal Structure and key financial metrics 5. Conclusion and Q&A 7 Italian Wine Brands Spa | www.italianwinebrands.it | info@italianwinebrands.it
Slide 8: 2. Company Overview
2. Company Overview > Founded in 1986 by the Pizzolo family, Eno is an Italian company, focused on production and distribution of branded sparkling wines (mainly Prosecco), and still white, rosè and red wines. > ENO is fully owned by the Pizzolo family and has been developed consistently in the rece
Slide 9: 3. A Focus on Sparkling Wines
3. A Focus on Sparkling Wines • Eno is the second italian largest producer of Prosecco with over than 40 million bottles sold per year, also realized with organic raw materials. • Prosecco consumption has been constantly growning over the last 10 years with a production passed from 141.8 million bot
Slide 10: 4. Plant Operations
4. Plant Operations > The industrial sites in Italy: • Calmasino: the headquarter with vinification and bottling plant, located close to Verona in the heart of Veneto region (sqm. 24.000 out of sqm. 8.000 covered) • Montebello Vicentino: industrial site with vinification, autoclaves and bottling mac
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Slide 12: Agenda
Agenda 1. Deal highlights 2. Business Overview 3. Strategic Rationale 4. Deal Structure and key financial metrics 5. Conclusion and Q&A 12 Italian Wine Brands Spa | www.italianwinebrands.it | info@italianwinebrands.it
Slide 13: 1. IWB – Eno: a Perfect Fit
1. IWB – Eno: a Perfect Fit The combination of IWB and Eno will IWB Group 2020 pro-forma sales allow to: - Complete product offering: IWB strong on ENO 31/12/2020 IWB 31/12/2020 IWB+ENO 31/12/2020 red wines, Eno leader on Sparkling and UK 68,1 Switzerland 48,8 UK 92,4 white wines; synergies on reven
Slide 14: 1. IWB – Eno: a Perfect Fit
1. IWB – Eno: a Perfect Fit Combined pre- 2020 - €mln synergies Net Sales 204,3 50.5% 49.5% 200.8 405.1 EBITDA 25,6 58.2% 41.8% 17.1 42.7 EBITDA Margin% 12% 8% 11% EBIT 18.2 58.2% 41.8% 13.6 31.8 Net Income 14.2 63.6% 36.4% 8.71 22.9 1.1% 0.6% 0.8% 20.6% Wholesale Channels of 40.8% distribution Dist
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Slide 16: Agenda
Agenda 1. Deal highlights 2. Business Overview 3. Strategic Rationale 4. Deal Structure and key financial metrics 5. Conclusion and Q&A 16 Italian Wine Brands Spa | www.italianwinebrands.it | info@italianwinebrands.it
Slide 17: 1. Transaction Structure
1. Transaction Structure > IWB wil buy 100% of Eno for Eur 150.5 million cash paid at closing > Gruppo Pizzolo (Pizzolo family holding company) will subscribe at closing a reserved capital increase of 1.400.000 IWB new shares @ Eur 32.5 each, paying Eur 45.5 million (>30% of total price) assuring fu
Slide 18: 2. Key Financial Metrics
2. Key Financial Metrics Deal Valutation • Excluding the effects of any potential syinergy, the corresponding implied multiple based on the total Enterprise Value of Eno on 2020 EBITDA of € 17.1 million, would be 8.86 times Accretion/(dilution) effect • This transaction is expected to have an immedi
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Slide 20: Thank you for your attention.
5. Q&A Thank you for your attention. 20
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