Friday, 28 October 2016
RIMINI FIERA AND FIERA DI VICENZA COMPLETE MERGER TO BECOME THE TOP TRADE SHOW PLAYER IN ITALY ITALIAN EXHIBITION GROUP SPA IS THE NEWCO
Highlights of the Merger
- Italian Exhibition Group is Italy´s first example of a merger between trade show companies.
- Italian Exhibition Group becomes the top player in Italy in terms of directly organized shows.
- It will be the promotion and internationalization platform for the entire Made in Italy production chain.
- Lorenzo Cagnoni President of the Board with Matteo Marzotto as Vice President.
Rimini, 28th October 2016 – Leading Italian Trade Show Organizer Rimini Fiera Spa and Fiera di Vicenza Spa today announced successful completion of their merger agreement, with the official founding of the NewCo Italian Exhibition Group Spa (IEG). Following talks over the last few months and on the approval of the respective Shareholder Meetings, the two companies have thus united forces to become one single corporate entity, generating the first example in Italy of a merger between trade show enterprises. The business deal was conducted with timeliness, clarity and determination up until today´s opening of the new season for the national and international trade show system. ITALIAN EXHIBITION GROUP SPA NUMBERS
Italian Exhibition Group Spa becomes the top entity in Italy in terms of the number of directly organized shows with 61 products in its portfolio (90% own property) and 160 other events and congresses. It will be Italy´s leading player in the promotion and internationalization of some of the most important and successful Made in Italy production chains. The Company´s aim is to be listed in the Stock Exchange and to act as the unifying element for other trade show organizations.
On the basis of the financial soundness and performances that Rimini Fiera and Fiera di Vicenza have achieved in recent years, significant joint economic results are expected for 2016: a turnover of about Euro 119 million, the second Italian player in terms of overall volume; EBITDA1 at 19%, equal to Euro 22.1 million, a first place position in terms of profitability; EBIT at 11%, equal to Euro 13.6 million; net assets of over Euro 100 million.
Italian Exhibition Group Spa was presented today in Rimini during a press meeting attended by President Lorenzo Cagnoni, Vice President Matteo Marzotto and Managing Director Corrado Facco. Andrea Gnassi, the Mayor of Rimini, and Achille Variati, the Mayor of Vicenza, also intervened.
COMPANY ASSETS AND BOARD OF DIRECTORS
Italian Exhibition Group Spa integrates the experience, know-how and positioning of two prime organisations on the Italian trade show scene, Rimini Fiera and Fiera di Vicenza, which, in over 60 years of activity, have had the wherewithal to turn their own shows into reference points for top production sectors, many of which are leaders on an international scale.
The Rimini Fiera and Fiera di Vicenza names will remain as indication of their operational premises and respective trade show areas.
Italian Exhibition Group Spa´s shareholdings are directly and indirectly made up of: Rimini Congressi srl (which includes Rimini Council through Rimini Holding, the Rimini and Rimini Province Chamber of Commerce), the Emilia Romagna Region, GL Events, King Spa, Salini Impregilo, Fiera Invest Spa; Vicenza Council, the Vicenza Chamber of Commerce, Vicenza Province through Vicenza Holding and other private shareholders. The Board of Directors is made up of: Lorenzo Cagnoni (President and Chief Executive Officer), Matteo Marzotto (Vice President), Barbara Bonfiglioli, Daniela Della Rosa, Maurizio Renzo Ermeti, Lucio Gobbi, Catia Guerrini, Simona Sandrini, Luigi Dalla Via. The Managing Director is Corrado Facco and the Vice Managing Director is Carlo Costa.
Italian Exhibition Group Spa´s 61 shows refer to important Made in Italy production chains such as: Food & Beverage, Green, Technology, Entertainment, Tourism, Transport, Wellness, Jewellery and Fashion, Lifestyle & Innovation.
Moreover, the Group is a national leader in the convention and congress segment with two locations positioned in strategic areas for the Italian economy. The Italian Exhibition Group has a head start with a performance of over 200 events and about 2.5 million attendances jointly recorded in Rimini and Vicenza in 2015.
A further point to highlight is the recent Best Event Awards assigned to Rimini´s Palacongressi which was proclaimed as the best venue in Italy.
The Company acts as one of the most representative sector attraction points for the Country´s industrial platform, playing the role of ambassador for Beautiful and Well Done in Italy throughout the world. In the aim of further promoting these divisions, Italian Exhibition Group Spa´s priority asset is internationalization by attracting foreign buyers and exhibitors to Italy and developing strategic foreign market activities.
The Group already has a solid presence on the international market, especially with a joint venture in the United Arab Emirates, participations in the USA, China and India, and well-launched projects also in South America. INVESTMENTS
A development plan is scheduled to develop the two trade show areas in Rimini and Vicenza, both already high level international Business Centres with modern, technologically advanced and aesthetically elegant infrastructures.
Furthermore, investments will regard the product portfolio with increased focus on external lines.
Italian Exhibition Group Spa unites the expertise of a professional, 270-strong staff in five operational branches and the merger will be an ideal opportunity for confrontation and further growth for all concerned. TRADE SHOW SYSTEM DEVELOPMENT ENGINE
Italian Exhibition Group Spa aims at acting as Italy´s economic development flywheel, supporting the internationalization process of companies and representing a successful example of ´systemization´. In this respect, the merger between Rimini Fiera and Fiera di Vicenza is a move totally in line with the Government´s plan for the international re-launch of Made in Italy through the support of a first class trade show system and by promoting top Italian Shows around the world.
Lorenzo Cagnoni, President of Italian Exhibition Group Spa, said: ´It is a new operation, a model. IEG unites two robust companies that have taken on the responsibility to develop an industrial project to reap the obvious market opportunities in Italy and the world. While remaining deeply rooted within our territories of reference, where both trade show organizations have found the mainstay of their success, I can also see a company listing in the future of IEG. Due to the prospects that will unfold with the signing of the merger between Rimini and Vicenza and the expectation that other already open dossiers will reach positive conclusions in acceptable timelines, the timeframe within which our road to becoming a listed company could, market permitting, be defined and happen in the spring of 2018. At that time, we will also have the balance sheet for 2017, which will be the first complete year of our new experience following the merger´.
Matteo Marzotto, Vice President of Italian Exhibition Group Spa, underlined: ´This merger is a historic fact, not only for Rimini Fiera and Fiera di Vicenza, but also because it creates a trade show entity that, from an absolute forerunner, we believe will be a further aggregation pole and development impetus for a true Italian trade show system. The deal between Rimini and Vicenza - which came about extremely quickly, thus proving our determination and practicality - is the result of our vision for a high-standing industrial project that will be at the service of the very best Well Done in Italy production chains and an engine for their internationalization, as well as a powerful and attractive Market Place for leading companies the world over´.
Corrado Facco, Managing Director of Italian Exhibition Group Spa, declared: ´The merger between Rimini and Vicenza is based on the strong business logics and financial soundness of the two organizations which already allow us to present significant aggregate data. The fact that the union will not create any product overlay is a big advantage since it means that we can expand the company´s market. In fact, Italian Exhibition Group Spa will be Italy´s top player in the direct organization of large trade show and congress Events, characterized by close relations with the territory of reference and production chains, in which, through its Shows, it boasts a position of international leadership. It will be an attraction platform for entire sectors of the Italian economy, able to develop added value and propose quality services to the company and Institution systems that, to various degrees, will interact with the Company´.
Andrea Gnassi, Mayor of Rimini, said: ´Today we witness the unification of two solid and complementary trade show organizations that have produced investments and demonstrated their ability to honour them with profitable activities. An Italian leader has been born, with the physique to stand on the international market in the presence of giants that could otherwise marginalize the Italian trade show system. Rimini and Vicenza have been the first to understand the need to unite forces in order to overcome conservative temptations. The merger is a virtuous model, the response of two territories not only used to being practical, but also more than willing to take the road to possible new developments´.
Achille Variati, Mayor of Vicenza, highlighted: ´Staying small and isolated on the market is an immense risk that can lead to extremely negative consequences. On the other hand, joining the forces of two solid organisations is the road to take in order to face the challenges of the future. The merger between Vicenza and Rimini has generated a trade show company of primary standing on a national scale. I am convinced that both Vicenza and Rimini will reap enormous benefits from this union which will maintain the specificities that each have consolidated in their respective territories while, at the same time, ensure development opportunities on a national and international level through important collaborations ´.LOGO
The Italian Exhibition Group Spa logo was unveiled at the press conference. The choice of colours takes into account the values of the Rimini and Vicenza brand personality: i.e. green for ´The Green Core´ and red for ´The Beauty & Well Done´. The logo expresses internationality and ´Italianness´ of the Group and communicates the values of meeting and uniting, hospitality and openness, cross-fertilization and exchange. The design is modern, linear, solid and elegant in its simplicity.
All the shows on the calendar will already be bear the signature of the Italian Exhibition Group as of 1st November and the coming month of activities will see eleven shows taking place. WWW.IEGEXPO.IT
1 EBITDA is the gross operational result of amortizations. EBITDA is a unit of measurement that the Group defines and uses to monitor and assess the Group´s operational progress although it is not defined in the IFRS and is therefore not to be considered as an alternative measure for evaluating the progress of the Group´s operational result. The Company believes that EBITDA is an important parameter for measuring the Group´s performance because marginality can be analyzed eliminating the effects from non-recurrent economic factors. Since EBITDA is not a measure whose calculation is governed by accounting standards of reference for drafting the Group´s profit and loss account, the criterion applied to calculate EBITDA may not be the same as that used by other groups and may therefore not be comparable. PRESS CONTACTS
Elisabetta Vitali Marco Forcellini
Communication & Media Manager Rimini Press Office Manager Riminie.firstname.lastname@example.org email@example.com
Mobile: 349 3000280 Mobile: 347 9817328
Patrizia Rovaris Chiara Cappellina
Head of Communication & Media Vicenza Press Office Manager Vicenzapatrizia.firstname.lastname@example.org email@example.com
Mobile: 348 1536114 Mobile: 337 1477546