Culti Milano sells 25.11% of Bakel as it prepares for listing

Culti Milano, a group active in the production and distribution of world fragrances, has signed an agreement with its subsidiary Bakel, a skincare company focused on research and innovation, which provides for the sale of 25.11% of Bakel's share capital - for a value of EUR 1.24 million - to Mgb, a company related to Raffaella Gregoris, founder of the Bakel brand, enabling it to acquire the necessary conditions to qualify as an innovative and eligible SME.

The sale, effective as of the transformation, is being executed in two tranches, respectively the first for a stake equal to 0.21% of Bakel's share capital, with immediate payment of the consideration. The second for an amount equal to 24.90% of Bakel's share capital, with payment to be made by the deadline of June 2028, in order to allow Bakel to transfer the shares to third parties to meet the payment terms. The agreement provides that the price of the second tranche will increase to take into account the IPO value, as soon as the same is known.

With this agreement, Culti Milano Group's shareholding drops to 24.90 per cent of Bakel's share capital and will no longer be included in the group's consolidation scope.

Bakel intends to pursue the company's growth and development objectives with a project to list the company on the Euronext Growth Milan ('EGM') market, for which Ambromobiliare has been appointed as the professional advisor.

The listing is expected to be completed in the first half of 2025.