The Portuguese cork company revealed that the agreement was signed with Amorim Bartop, its subsidiary. The purchase of 70% of the Swedish Elfverson costed Corticeira Amorim 5.5 million euros.
Corticeira Amorim agreed to purchase 70% of the Swedish company Elfverson & Co AB for 5.5 million euros, according what the Group announced to the Portuguese Securities Market Commission (CMVM).
In a disclosure sent to CMVM this Wednesday, the Portuguese cork company reveals that the agreement was signed by means of its subsidiary Amorim Bartop – Investimentos e Participações, S.A., which includes the Cork Stoppers BU, developing and producing capped corks for the spirit beverages’ segment.
"Under the terms of the agreement, 70% of the capital of ELFVERSON & Co AB is acquired for an amount about 5.5 million EUR. ”
“Under the terms of the agreement, 70% of the capital of ELFVERSON & Co AB is acquired for an amount about 5.5 million EUR”, is stated in the note sent to CMVM. The company further explains that “the agreement includes a put option on the remaining 30% of the capital, on the part of the seller (the Swedish company Vätterledens Invest AB) and a purchase option on the same remaining capital on the part of AMORIM BARTOP – Investimentos e Participações, SA, exercisable from 2020″, for a price that depends on the evolution of the performance of the Swedish company over the next few years.
“By means of this operation, Cork Stoppers BU will acquire a significant stake in a company with a portfolio of premium products and an outstanding customer base that it plans to develop. The acquisition will also strengthen AMORIM BARTOP’s sources of supply of top quality wooden tops, enabling it to accompany the growing requirements of its customers in the capsulated cork stopper segment”, the disclosure further states.
Elfverson & Co AB produces wooden tops for capsulated corks (bartops), which are used by large industrial groups of spirit drinks.