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Editor in chief: Angelo Scorza
13/11/17 08:50

International Roadshow for De Bettin brothers

DBA Group is ready for the roadshow in the European finance capitals to enter the Italian Stock Exchange AIM market for a 20 million Euro offer

"We are ready for the roadshow start-up in the European finance capitals, hoping to enter the Stock Exchange on December the 12th!", Francesco De Bettin revealed to Ship2Shore.

DBA Group SpA's 57-years old founder (in 1991), with his brothers Raffaele, Stefano and Daniele, will take his company to the Italian Stock Exchange AIM market for a 20 million Euro offer.

The Treviso-based technological consultancy company's debut is the result of its steady growth, that in 2016 culminated in a 41 million Euro turnover, with various branches in Italy and abroad (Slovenia, Montenegro and Russia) and 412 employees.

During the roadshow, started this week from Italy and heading to international destinations such as Paris, Zurich, London, Madrid, Frankfurt and Copenhagen, the initial public offering (IPO) for the listing of shares and warrants will be submitted to investors; the Treviso-based company will use its income for external growth and to finance Research and Development activities.

Through its operating subsidiaries, DBA provides technical, technological and telematic support services to market operators managing the entire cycle of single or network infrastructures.

One of the most recent and successful creations is the TOS Terminal Operating System to manage operations for EMT's multi-purpose port terminal, Ekol Group's terminal operator (with Trieste-based Parisi as its minority shareholder), allowing to constantly monitor incoming and outgoing freights. “Our service company deals with infrastructures within the telecommunication sector, the electricity generation and transport sector and within the freight handling industry, but we deal also with the 4.0 industry and with Oil & Gas market”, confirmed engineer De Bettini, who is Chairman of a group working also abroad with targeted acquisitions: after IGM Engineering in 2012, in 2015 it took over Koper's Actual IT in Slovenia, and in 2017 Ljubljana-based Itelis.

Thanks to these acquisitions in Slovenia and to significant orders on the Italian market, the Venetian Group's turnover increased from 18 million in 2011 to 41 million at the end of 2016 (+10% compared to 2015), with an Ebitda over 5 million Euro.

For DBA, being listed on the stock exchange would imply a further exogenous financing, after having already resorted to external resources. Six years ago, on December the 12th, the De Bettin family had already sold part of their share capital to the Sgr Italian Investment Fund, thus achieving more financial strength to keep on growing. The forthcoming flotation will provide a way out to the minority shareholder, though it will not dispose of all its shares. DBA Group's capital is 67.2% controlled by De Bettin brothers' DB Holding, and 32.8% by Sgr Italian Investment Fund.

The latter, that last June sold all its residual direct shareholdings to Neuberger Berman, had initially invested 4 million Euro, 500,000 Euro of which in capital and 3.5 million in financing for future capital increase, that was converted in July 2012, thus increasing the Fund's shares to 22.80%.

In April 2015, the Fund subscribed to a 1.5 million capital increase, achieving 34.84% of the share capital, while in turn, in December 2015, the De Bettin family subscribed to a further 600,000 Euro capital increase, thus diluting Italian Investment Fund's shares to 32.8%. Finally, at the end of 2016, after 2.15 million write-downs during the previous years, the participation had a 3.35 million book value.

“In order to be in the international markets within the new Euro-Asian policy we need to keep on growing, both to carry out other take-overs and to strengthen our management to integrate future take-overs. From 45% to 70% of the collection will be allocated to external growth and internationalization, while the rest will be used to strengthen our management and support Research, Development and Innovation. The 20 million Euro offer is based on a 12 million Euro capital increase and on the sale of shares amounting to 8 million Euro by the Italian Investment Fund. The free float will reach 50% of the capital, and the transaction provides also for the allocation of warrants to the new shareholders in the ratio of 1 share for every 3 shares, as well as for an innovative mechanism to safeguard shareholders. In case of a 2018 Ebitda lower than 6 million Euro, there will be a gradual cancellation of 1.5 million shares of the majority shareholder” De Bettin pointed out.

In the flotation, Ambromobiliare acts as advisor, Cfm Sim as Global Coordinator and Event as Nomad; Chiomenti is the issuer's legal advisor while Dentons works for the Global Coordinator, PWC is the auditing company and Belluno-based Dieci&Lode is the communication advisor.

Angelo Scorza