(Alliance News) - Gefran Spa announced Wednesday that it has signed an investment agreement to acquire a minority stake in Robot at Work Srl, a Rovato-based startup.

The transaction was finalized through the sale of part of the share capital belonging to the majority shareholders and subsequent capital increase, as a result of which Gefran holds a 24.83 percent stake in Robot at Work for a total consideration of EUR576,000. The consideration was paid in cash through the use of equity.

Founded in 2017, RAW is a dynamic and innovative young company that carries out design, manufacturing, sales and installation of industrial systems, including standard robotic cells, collaborative cells, visual control and Virtual Commissioning.

Acquired in 2021 by entrepreneurs Lorenzo and Rossella Codini, who retain the majority stake for now, it closed its financial statements as of December 31, 2022 with a turnover of EUR3.8 million and a profit of EUR37,509.

At the same time that the framework agreement was signed, the shareholders' agreements that will govern the governance of the company were signed.

Marcello Perini, CEO of Gefran Group commented, "We are very pleased with this agreement, which reinforces the partnership with a strategic supplier for Gefran. The automation of manufacturing processes has always been a competitive factor for the Group's success, and our close collaboration with Robot at Work in recent years has allowed us to appreciate its technological vision, technical expertise, and excellence in customer support."

"We believe that the agreement signed will generate value both for Gefran, which will vertically integrate its own capabilities by adding RAW's distinctive ones, and for RAW, which will be able to take advantage of the possible synergies with the Group, while remaining free to operate in the market and independently pursue the development trajectories outlined by its management," concluded the CEO.

The agreements between the parties include call and put options in favor of Gefran that can be exercised within one year of the approval of the startup's financial statements as of December 31, 2027. The exercise of the call option would result in Gefran acquiring an additional 30 percent of the voting share capital of Robot at Work at a price calculated according to the formula established in the investment agreement. The put option can also be exercised before that date upon the fulfillment of certain conditions usual for this type of transaction.

The investment agreement also provides for the signing of long-term management contracts with the current management of the startup to ensure the continuity and development of the company.

Gefran closed Tuesday in the green by 2.5 percent to EUR8.60 per share.

By Chiara Bruschi, Alliance News reporter

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