Zamaz PLC (LSE:ZAMZ), the e-commerce and retail technology group, has made its first acquisition since listing earlier this month.
Its Italian online groceries subsidiary Bella Dispensa is paying up to €972,500 for Ecocarni, a premium meats business with 2,000 customers, including restaurants and hotels.
A total of €160,0000 will be paid in cash and €467,500 in shares. An earn-out could net the vendors a further €345,000 based on achieving sales and profit targets.
For the financial year ended last December, the Italian meat retailer’s revenues were €3.3mln as it booked an operating profit of €180,000.
Zamaz believes there are significant cross-selling opportunities between Bella Dispensa and Ecocarni’s respective client bases.
"The Bella Dispensa business has a key role to play in achieving Zamaz' long-term, international growth ambitions,” said Zamaz chief executive Chris Hill.
“The Italian e-commerce 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."