Małpka Express has joined Czerwona Torebka Group

Czerwona Torebka has finalized the acquisition of Małpka company, which manages the chain of convenience stores Małpka Express. On the 30th of August  2013 Czerwona Torebka has acquired 100% of Mapka S.A. share capital, thus  realizing the investment agreement.  In exchange the company has issued nearly 21.08 M shares F series. The issue price was set on the level of 12,91 PLN. The new shares were taken up by Mateusz Świtalski, current owner of the Company managing Malpka Expres convenience stores.
„All conditions of the investment agreement have been fulfilled so we were able to finalize the takeover of Małpka earlier than it was initially assumed. It is a very prospective investment  which will ensure a dynamic expansion of the Czerwona Torebka Group in the future.” – said Paweł Ciszek, President of  Czerwona Torebka S.A.
Till the end of 2013  nearly 200 Małpka Express stores will be operating (currently 135). In 2014 the company assumes to open over 200 new stores and from 2015 over 300 stores will be opened annually. The transaction value was established at 281,5 M PLN. If, on the basis of the audited financial statement of Małpka for 2013, the achieved operating result including amortization (EBITDA) will have over 20%  adverse deviation than the assumptions resulting from the business plan, Czerwona Torebka will receive nearly 10,9 M shares in return. The returned shares will be then redeemed. The same condition concerning the obligatory return of some shares is in force if Małpka reaches a worse – by more than  20%- EBITDA rate in relations to the assumed investment expenditures (CAPEX).  All taken F shares are non disposable (lock up) till the 14th of December 2013. For nearly 10.9M PLN shares designed for possible redemption the prohibition has been extended till the audited financial statement of Małpka for 2013 is received.