MCC has entered into a binding agreement to acquire 100 percent ownership of La Cromografica for a purchase price of approximately €8.3 million, payable in cash. Closing was expected to take place April 1.
La Cromografica’s revenues were approximately $11 million (€8 million) in 2010 with profitability consistent with MCC’s other wine label printing operations. The acquisition is expected to be immediately accretive.
“The acquisition perfectly complements our existing Italian business, Guidotti Centrostampa, by providing short run technology solutions common to our wine label businesses in the USA, France, Australia, and South Africa,” says Nigel Vinecombe, president of MCC. “We know La Cromografica's type of business extremely well and have been impressed by Guidotti Centrostampa's performance and the opportunities in the Italian wine market. This is a perfect match for us.”
La Cromografica's management and team will continue to run the business from its current location with General Manager Marco Caciotti reporting to MCC’s European President Andrea Guidotti.