Frigoglass announced it signed a legally binding agreement for the acquisition of foreign companies. The binding agreement concerns the Spanish companies Tricorporación, S.L. and World on – Premise España, S.L., owners of the Spanish company Provisiona Iberia, S.L. and the Portuguese company Serlusa Refrigerantes, LDA respectively.
According to the agreement, Provisiona and Serlusa Refrigerantes, which operate under the distinctive name “Interbeverage Services” in the market of trade and maintenance of commercial refrigerators, will become 100% subsidiaries of Frigoglass, while the new shareholders will acquire a percentage of participation in the company which will vary between 25% and 29.5%.
“Joining forces with Provisiona and Serlusa Refrigerantes is an excellent opportunity for Frigoglass SA to expand beyond its existing geographic footprint in the Iberian Peninsula and provide more holistic services to its customers. We are excited to welcome our new partners as shareholders of Frigoglass SA,” Haralambos David, Chairman of the Board of Directors pointed out.
The completion of the transaction is subject to customary conditions for this kind of transaction, including the completion of due diligence checks as well as receipt of all of the necessary corporate and regulatory approvals, while it is expected to be completed within the first quarter of 2025.
