Prim and its subsidiary Establecimientos Ortopédicos have agreed to sell its SPA business to its supplier Klafs GmbH, as the company has informed the Spanish Securities and Exchange Commission (CNMV).
Specifically, this operation will be carried out through the contribution of the SPA division and the Mexican subsidiary Prim Salud y Bienestar to a newly created company to be acquired by Klafs GmbH. Consequently, and prior to its transfer to Klafs GmbH, Prim will contribute to this new company all of its SPA Division and its stake in the Mexican subsidiary.
The company has specified that this transfer is expected to take place during the first quarter of the year, a transaction which is subject to compliance with the terms and conditions set out in the purchase agreement.
Prim presented its annual results this Tuesday. The company closed 2022 with an increase in consolidated turnover of 17% to €197 million. This improvement, which has occurred in most of the Group’s divisions, is higher than the growth of its reference market, even if only sales are considered on a like-for-like basis, without acquisitions. Under the latter assumption, revenues would have grown by 7%, compared to 3%-4% for the market.
Klafs, founded in 1952, has achieved significant organic growth over the last years. The company focuses on customised and premium saunas and spas for private as well as commercial customers. The company was acquired by Egeria in 2021, priving it with the financial backing and operational support to accelerate growth through further international expansion and acquisitions.
Baker McKenzie advised Prim with a team made up of partners Antonio Morales, Juanjo Corral and Jaime Martínez-Iñiguez, together with senior associate Elena Piquero.
