Tamburi buys minority stake in Milan-listed Elica

Tamburi bought a 12.568% stake, equal to 7,958,203 ordinary shares, from US-based and NYSE-listed home appliance specialist Whirpool Corporation for €15.9m. In addition, the firm also acquired a 2.014% stake from Elica for around €1.27m.

Tamburi CEO Giovanni Tamburi will become a member of the company's board of directors. Furthermore, the firm signed a six-month lock-up commitment with Whirlpool regarding the shares acquired and a commitment not to sell those shares to certain competitors of Whirlpool for 12 months from the closing date.

Elica and Whirlpool intend to maintain their commercial relationship, which was recently renewed with a quinquennial framework agreement signed in 2018. 

Company
Founded in 1970 and headquartered in Fabriano, Elica is a manufacturer of kitchen hoods and hobs, as well as electric motors for hoods and heating boilers. The company has seven production plants located in Italy, Poland, Mexico, India and China, employs 3,800 staff and produces 20.7 million pieces per year.

Elica was listed on the Milan stock exchange Borsa Italiana in 2006. It generated adjusted EBITDA of €13.9m and EBITDA of €3.7m, down 65% on 2017, from revenues of €359m in 2018.

People
Tamburi Investment Partners – Giovanni Tamburi (CEO).
Whirlpool Corporation – James Peters (executive vice-president, chief financial officer).

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