Sicily by Car: Listing following the Business Combination with the SPAC Industrial Stars of Italy 4

The business combination (“Business Combination”) between Industrial Stars of Italy 4 S.p.A. (“Indstars4”), SPAC listed on the Euronext Growth Milan market, and Sicily by Car S.p.A. (“SbC”), a reference company in the short-term car rental sector, became effective following the start of trading of SbC ordinary shares and warrants on the Euronext Growth Milan market.

Indstars4 is a SPAC promoted by Giovanni Cavallini, Attilio Arietti, Davide Milano and Enrico Arietti, which in July 2021 raised Euro 138 million from Italian and foreign investors and is the fourth SPAC launched by the same team of promoters.

Sicily by Car, founded in 1963, is an Italian company among the main players in the short-term leisure car rental, a brand of excellence able to compete with the main global players in terms of quality of service, fleet size and geographical presence. SbC boasts a network of 55 rental offices in Italy, with presence in national and international airports and a widespread presence in the cities with the greatest tourist vocation. The company is present in Albania, Malta, France, Austria and next openings are planned in Poland and Montenegro under agreements with strategic partners.
In 2022, the SbC group achieved a consolidated Value of Production of Euro 160.9 million, a consolidated EBITDA of Euro 68.6 million (EBITDA margin of 43%) and a consolidated Net Profit of Euro 39.9 million (equal to 25% of the Value of Production).

The market capitalization of Sicily by Car at the start of trading was Euro 316.8 million (considering only ordinary shares admitted to trading), with a free float of 28.3%.
The total deal size was equal to Euro 100 million, of which Euro 61 million as a capital increase and Euro 39 million resulting from the sale of SbC shares by Dragotto Holding S.p.A..
Following the capital increase for a total of Euro 61 million, and considering the equity valuation of SbC pursuant to the agreement of 16th May 2023 (Euro 298.3 million), the equity value of SbC at the effective date of the Business Combination is equal to Euro 359.3 million.

Banca Akros assisted Indstars4 as Global Coordinator and Bookrunner, Euronext Growth Advisor and Specialist, and assists Sicily by Car as Euronext Growth Advisor and Specialist.

The deal confirms the role of Banca Akros as a reference player in the SPAC segment, as well as the ability to support these corporate vehicles in raising capital and integrating the identified target companies.

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