Sicit, the first takeover bid on a circular economy company –, on the Milan stock exchange

The takeover bid on Sicit – the company based in Arzignano, in the province of Vicenza, which operates in the leather district and specializes in the transformation of (highly polluting) waste from manufacturing of tanneries in biostimulating products for agriculture and retardants for the gypsum and construction industry. Given the characteristics of the company, led by CEO Massimo Neresini, this is the first green takeover bid launched on the Piazza Affari price list, since the company is an important example of circular economy.

To make the offer, which if successful will lead to the subsequent delisting of the stock, will be CircularBidCo, a vehicle belonging to the private equity fund NB Renaissance, represented in Italy by Fabio Can and Stefano Bontempelli, and Intesa Holding (nothing to do with with Banca Intesa Sanpaolo), a consortium of 33 companies in the Treviso tanning district, which currently holds 40.67% of the share capital, a share that will be signed into the takeover bid. Sicit had entered the stock market in January 2019 through the combination with Spac SprintItaly. The current takeover bid price, equal to € 15.45, incorporates a premium of 25.8% compared to the average share prices of the last 12 months. At the end of the operation, control of the company, through CirculaBidCo, will be held equally by the NB Renaissance fund and Intesa Holding, which will remain the company’s reference industrial partner. Sicit considered a company of green economy of strategic importance for the Vicenza tanning sector because it transforms the cost of processing waste into a resource.

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