5 January 2022
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Agreement for the Phased Redemption of the Minority Interests in PlanetArt

  • Binding agreement with PlanetArt’s minority shareholder for the phased redemption of between 25% and 65% of its 7.7% preferred stake
  • Consideration ranges from $14 million to $38 million1 with phased funding out of PlanetArt’s cash, starting with $14 million paid before the end of March 2022
  • Claranova’s stake in PlanetArt to increase proportionally, for a greater share of the division’s future performance

Claranova  announces the signing of a binding agreement between its subsidiary PlanetArt LLC (“PlanetArt” or the “Company”) and Société Commune Européenne de Participation (“SCEP”), for the redemption of between 25% and 65% of the 7.7% minority interest SCEP holds in PlanetArt (the “Redemption”). With this transaction, Claranova will have a greater share of PlanetArt’s future performance.

Total cash consideration paid out to SCEP from PlanetArt’s cashflows ranges from a minimum of $14 million up to a maximum of $38 million. The shares acquired from SCEP will be cancelled.

SCEP is a subsidiary of CAP Invest, the family office of the Riccobono group, a major European print industry manufacturer. In September 2017, SCEP took an equity interest in PlanetArt through the $14 million purchase of new preferred shares (the “Units”) at a post-money valuation of over $225 million to fund growth.

If, at the time, the Company had revenues of €89 million and a negative EBITDA (July 2016-June 2017), it has since become a worldwide e-commerce leader in the make-on-demand space, with a strong financial profile, recording revenues of €380 million and an EBITDA of €26 million in the last fiscal year 2020-2021 (July 2021-June 2021).

We are very grateful for the support of SCEP through the past four years and their active engagement in steering PlanetArt through the hypergrowth phase the company has experienced since SCEP’s investment in 2017. In view of PlanetArt’s unmatched long-term potential and SCEP’s desire to start cashing out, we believe improving our access to PlanetArt’s future performance to be an excellent use of the Company’s cash position“, Pierre Cesarini, CEO of the Claranova group, declared.

Press release