(Alliance News) - Industrial Stars of Italy 4 Spa has announced that it will merge with Sicily by Car Spa, a leading Italian company in the short-term car rental business.

In 2022, the SbC group achieved a consolidated value of production of EUR160.9 million, a consolidated Ebitda of EUR68.6 million with a margin of 43 percent, and a consolidated net profit of EUR39.9 million with a margin of 25 percent. "Its efficient logistic structure enables it to achieve higher than market revenue-per-store and revenue-per-day," the SPAC explained.

Principal shareholder Dragotto Holding will sell shares in SbC to Industrial Stars of Italy 4 for EUR39.0 million while the SPAC will also underwrite a capital increase in SbC of between EUR61.0 million and EUR66.0 million.

Giovanni Cavallini, Attilio Arietti, Davide Milano and Enrico Arietti, promoters of Indstars 4, said, "We are pleased to announce that after a long and careful search, the choice of our fourth Italian SPAC - a fifth one has been successfully concluded in the Netherlands - falls once again on an Italian company, a leader in a growing market, endowed with high profitability and strong with an important international development plan. SbC, which is closely linked to tourism, a rapidly evolving sector of fundamental importance for our country, is pursuing a development plan that rests on the high quality of service, solid financial structure and strong experience of the management team. SbC, therefore, aligns perfectly with the goals of Indstars 4."

Tommaso Dragotto, founder, president and CEO of Sicily by Car, commented, "I express great satisfaction for the agreement reached and for the confidence that the promoters of Indstars 4 have placed in the business model of Sicily by Car, characterized by financial solidity, profitability and efficiency, strong focus on sustainability and important development prospects. The finalization of the business combination will allow the group access to the capital market by accelerating the strategic development of growth by external lines in the pan-European market, in line with the SbC Europe project. Thanks to the visibility resulting from the listing, we will be able to seize opportunities in the tourism sector, a lever of growth for the Italian economy and Made in Italy."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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