Tinexta Group, a leading provider of Digital Trust, Cyber Security, Credit Information & Management and Innovation & Marketing Services, has announced the acquisition of the majority of the Spanish company Evalue Innovation SL through the company Warrant Hub, leader in businesses advisory services on concessional finance operations to support innovation and development projects.
The agreement marks a new step in the process of internationalization of Tinexta, in line with the strategic guidelines announced. Moreover, the new acquisition strengthens the European vocation of Warrant Hub, already operating in Belgium, France and Bulgaria, enabling it to exploit the potential for both commercial development – especially with regard to opportunities related to European finance – and industrial development, establishing a virtuous exchange of know-how and best practices.
The acquisition of 70% of Evalue Innovation provides for the payment of a consideration of €20.6 million, including pro-rata financial debt of €0.4 million at 31.12.2021, (corresponding to an implicit multiple of EBITDA 2020 of approximately 7x) which was paid with the Group’s existing cash.
The remaining 30% of Evalue, held by the founders, will be settled through Put/Call options, that can be exercised in 2024 on a 15% stake and in 2026 on a further 15% stake according to specific agreements. The discounted value of these options is estimated at €10.3 million. The transaction is backed by the usual representations and guarantees.
As a result, the total investment for 100% of the Company is estimated at €30.9 million.
Evalue has an extensive presence throughout Spain with offices in Valencia, Madrid, Barcelona, Seville and Murcia. The company offers support services for obtaining tax incentives for R&D and technological innovation projects, as well as national and European concessional finance services.
“The Tinexta Group is continuing to grow abroad, acquiring dimensions that make it more and more a market player in a position to dialogue with major international corporations. It will be able to benefit from all those industrial and commercial synergies generated by its presence in other countries, but also from the exchange and fertilization deriving from positive contamination with other entities,”Enrico Salza, Chairman of Tinexta S.p.A.
The founders of the company will remain in the Tinexta Group and continue to act as managers of Evalue.
MAIO Legal Madrid office advisory team, on the Corporate side of the deal, consisted of founding partner Marco Bolognini, director Maria Katie Bua and associate Pablo Segui. Labour matters were handled by MAIO’s Employment department, led by partner Ángela Toro, together with associate Cristina Martínez.