Clearwater International advises CFT Group on a reverse merger with SPAC Glenalta
Clearwater International advised CFT Group in the business combination, through a reverse merger, with the listed SPAC Glenalta. The business combination was announced to the market in February 2018 and became effective on 31 July 2018. As a result of the merger, CFT Group is listed on AIM Italia stock market with a free float of about 39,5%.
Capital injected through the business combination will be used to boost the growth plan of CFT Group, also through acquisitions.
CFT Group, established in 1945 and based in Parma (Northern Italy), is a world leading manufacturer of processing and packaging equipment and turnkey systems primarily for the food and beverage industry. CFT Group, which operates worldwide with subsidiaries in ten countries (Italy, Germany, France, Russia, Ukraine, US, Brazil, India, China, Malaysia), in 2017 recorded consolidated revenues of € 207 m with an EBITDA of € 19 m.
Glenalta is an Italian special purpose acquisition company (SPAC) with assets of approximately € 98 m, collected during the admission to trading on AIM Italia which took place on July 2017.