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Zamaz PLC on Monday said its wholly owned subsidiary Bella Dispensa has agreed to buy Ecocarni Srls, ‘a purveyor of premium quality meats and associated products sourced from Italy and Argentina to both wholesale and retail customers.’
Zamaz is a London-based e-commerce firm and the acquisition marks its first acquisition since it listed on London's Main Market at a price of 11 pence per share at the start of September.
Its shares are currently 11p each, trading 10% higher in London on Monday morning.
Bella Dispensa, an online retailer of premium Italian groceries, will buy Ecocarni for €972,500. This includes €160,000 in cash and €467,500 in shares, with an earn out payment of up to a further €345,000 payable on the achievement of certain sales and targets.
Ecocarni currently supplies around 2,000 customers per month, including restaurants and hotels as well as individual customers.
In 2021, Ecocarni reported revenue of €3.3 million and operating profit of €180,000.
Zamaz added that its average monthly revenue has ‘steadily’ increased during 2022, reaching around €350,000 per month.
‘The acquisition will enable each business to access the other's client base and ’cross-sell‘ products to a similar premium profile client base, significantly enhancing incremental sales through a combined commercial offering, providing Ecocarni with online access to Bella Dispensa's growing customer base,’ Zamaz explained.
It also said that Ecocarni is ‘well placed to capitalise on positive market trends.’ The company noted that Italians' expected annual spend on meat is projected to grow to €780 million by 2025, from €620 million in 2022.
Zamaz Chief Executive Chris Hill said: ‘The Bella Dispensa business has a key role to play in achieving Zamaz' long-term, international growth ambitions. The Italian Ecommerce industry is rapidly expanding and innovating, and the Italian food tradition is attractive to a wide, global audience.
‘The acquisition of Ecocarni is a tangible demonstration of Zamaz' portfolio strategy in action; aligning with growing markets and consumer categories,’ Hill continued.
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