(Alliance News) - Pattern Spa announced Monday the signing of a binding framework agreement for the sale to Burberry Limited -- or other Burberry group entity designated by Burberry Limited -- of the business unit of the Turin plant dedicated to the design and production of Burberry brand products, through the sale of shares in a newly established corporate vehicle, for a price of EUR21 million.

As of December 31, 2022, the business generated EUR25.0 million in revenues with an Ebitda of EUR3.7 million. For a correct estimation, the company explains, "it should be noted, however, that the indicated Ebitda does not include some overhead costs, mainly related to executive, managerial, HR, ESG, administrative, as well as IT infrastructure figures, which are necessary to enable operations and will instead remain in Pattern to ensure the continuity of the Group's business."

Once the deal is finalized, "the effect for the company will be to have a greater availability of financial resources, which management intends to allocate to continue the Group's growth also through further M&A transactions, to improve its NFP and to build the new Turin headquarters, as well as an extraordinary distribution of dividends subject to shareholders' approval," the company adds in a note.

After a path of growth through acquisitions that has brought the group today to 12 companies in 7 Italian regions, Pattern thus obtains "additional resources to continue with greater strength its industrial growth path."

A strategy that also helps confirm "the role of Piedmont as a region of excellence in clothing. In fact, the transaction with Burberry allows the creation of a Technical Outerwear Pole in Piedmont, which joins the high quality fabrics district of Biella and that of Novara of the ready-to-wear production of the great luxury brands."

Luca Sburlati, CEO of the Pattern Group, together with Francesco Martorella and Fulvio Botto, Founders and majority shareholders of Pattern, commented, "This is an important moment for our territory, for the people and for our company from which the Technical Outerwear Pole of the leading British luxury brand is born today. Pattern sells the part dedicated to its historical customer Burberry to build in Turin, in the next 24 months, the new headquarter of the Group and have the resources to continue with increasing effectiveness the growth path, completely industrial, investing in the Italian territory."

Pattern, on Monday, closed flat at EUR7.26 per share.

By Chiara Bruschi, Alliance News reporter

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