Tanning’s circularity goes on the stock market: Sicit 2000 aims at IPO

Circular by definition, and its circularity is to be quoted on the stock market. Sicit 2000 is under the finance world’s spotlight. The business based in Arzignano has, since 1960, “been creating a product with great added value for the agricultural (bio-stimulants) industry, as well as for the plaster segment (retardants); all by processing the residues and waste of the tanning industry via a hydrolysis process”. The business is an example of the value of circularity within the tanning industry, and its board of directors, this past firday, has approved the “business combination” plan that will allow it to access “listing on the AIM Italia stock market”. The company will work on getting listed with the help of SprintItaly, SPAC (Special Purpose Acquisition Company) promoted by PromoSprint Holding, which is an investment fund owned by Fineurop, Gerardo Braggiotti, Matteo Carlotti, and Francesco Pintucci. A decision of which, reads the Giornale di Vicenza (local newspaper), the president of Sicit (and ex vicepresident of UNIC – Italian Tanners), Rino Mastrotto, is extremely “proud, because it coronates nearly 30 years of management by the tanners in the Arzignano district”. Sicit (one of the first companies in the world to introduce protein hydrolyzates of animal origin on the bio-stimulants market), had 53.9 million euro in revenue in 2017, 70% of which originating from exports, and, beside from the headquarters in Veneto, it has 2 additional sites in China and the USA. “The objective of the operation – explains an official statement -, is to sustain the development strategy of Sicit on its markets of interest, which have registered growth in the double-digits over the past few years. The development plan aims at strengthening the leadership position on the market by increasing production capacity in Italy, and extend the company’s geographical presence at an international level, such as in Asia and the America continents. The plan schedules the opening of a South American site, in the vicinity of a local tanning district”. In detail, explain Sicit and SprintItaly, “Sicit was given an equity value of 160 million euro”, SprintItaly’s shareholders, with an investment of 100 million, will initially have 54% of the combined equity (which can become 60%). The remaining resources, worth 50 million euro, will be distributed to SprintItaly’s shareholders at the net value of the disbursement for any potential recesses connected with the Business Combination. In particular, 70 million will be used to buy Sicit’s shares from the current controlling holder, Intesa Holding, while 30 million will be used to strengthen the capital and finance the growth plan, both in Italy and abroad”. The forecast suggest that this operation may be completed by next summer.


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