Claranova announces the signing of a firm agreement between its subsidiary PlanetArt LLC (“PlanetArt” or the “Company”) and the Société Commune Européenne de Participation (“SCEP”), for the purchase of 25% to 65% of the minority stake 7.7% that SCEP holds in PlanetArt (the “Redemption”). Through this transaction, Claranova strengthens its net income group share.
The total price paid to SCEP, from PlanetArt’s treasury, is between a minimum amount of $ 14 million and a maximum amount of $ 38 million. Shares purchased will be canceled.
SCEP is a subsidiary of CAP Invest, the family office of the Riccobono group, a major industrial player in the field of printing in Europe. In September 2017, SCEP acquired a stake in PlanetArt as part of an investment of $ 14 million in the form of preferred shares newly issued by PlanetArt (the “Preferred Shares”). This investment, aimed at financing the development of PlanetArt, had brought out a valuation of the post-investment division of more than $ 225 million.
Since this investment, PlanetArt has become a world leader in personalized e-commerce, recording strong growth in both turnover and operational profits. With revenues of € 89 million and a negative normalized operating profit for the 2016-2017 financial year (July 2016-June 2017), PlanetArt achieved sales of € 380 million for a normalized operating profit of 26 M
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