(ANSA) – MILAN, June 27 – Ovs wants Coin and signs a letter of intent with the shareholders that gives it the right to initiate and conduct an exclusive due diligence phase, during which the Board of Directors will make use of consultants external. The goal is to close the operation by November. Given the presence of Stefano Beraldo (CEO of Ovs) among the shareholders of Coin, a note specifies, the acquisition falls within the framework of transactions with related parties.
A sort of ‘back to the future’ for the retail chain founded as a division of the Coin group in 1972, heir to the small Coinette chain that carried unsold items of the big brand to the suburbs. Since March 2018 Coin has been controlled by Centenary, a newco formed by a group of managers and entrepreneurs, in which Beraldo also participates. It is the most widespread department store chain in Italy, with under brand sales of around 400 million euros, a network of 37 stores and 100 under the Coincasa brand. OVS, on the other hand, has over 2,000 stores in Italy and abroad and in 2021 recorded sales of 1,359 million euros and an EBITDA of 147.2 million. (HANDLE).
Source: Ansa
I have been working in the news industry for over 10 years now and I have worked for some of the biggest news websites in the world. My focus has always been on entertainment news, but I also cover a range of other topics. I am currently an author at Global happenings and I love writing about all things pop-culture related.
