SPAR Group Announces Sale of Interest in South Africa and Brazil
01 Aprile 2024 - 2:00PM
Business Wire
Combined deals to generate cash proceeds of
approximately $22 million USD
SPAR Group, Inc. (NASDAQ: SGRP) (“SPAR”, “SPAR Group” or the
“Company”), a provider of merchandising, marketing and distribution
services, announces the sale of its majority share in South
Africa’s Meridian Group to the minority shareholder Lindicom for
R181 million and the sale of SGRP Brasil Participações Ltda for
58.9 million BRL to a minority shareholder. These transactions have
been approved by the SPAR Board of Directors and are expected to
close in the second quarter.
“We completed a robust evaluation of the Company’s operations
and structure, paying special attention to the quality of earnings
for each of our businesses within each segment. Our divestitures of
China, Australia, and National Merchandising Services joint
ventures, as well as the sales of South Africa and Brazil included
as Subsequent Event disclosures in the Form 10-K filed today,
reflect the actions and results of our larger plan,” said Mike
Matacunas, SPAR Group CEO.
“In working through the strategic alternatives over the last 18
months, it became clear that growing through joint venture
partnerships is complex and the process of re-patriating related
cash from them is even more complicated. To create long-term value
for shareholders, we have taken actions to simplify SPAR Group's
operating structure, bring in cash for further growth and use our
brand equity and capital on a strategy that maximizes opportunities
in the market and return on invested capital. We are confident that
streamlining the operations and finances at SPAR Group will allow
us to accelerate growth and generate better returns for our
shareholders.”
As part of the divestiture agreements, Australia and The
Meridian Group have also entered into software as a service (SAAS)
agreements with SPAR Group to continue the use of SPAR’s
technology. This underscores the value and unique capability of
SPAR’s software.
About SPAR Group, Inc.
SPAR Group is an innovative services company offering
comprehensive merchandising, marketing and distribution solutions
to retailers and brands. We provide the resources and analytics
that improve brand experiences and transform retail spaces. We
offer a unique combination of scale and flexibility with a passion
for client results that separates us from the competition. For more
information, please visit the SPAR Group’s website at
http://www.sparinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240401350195/en/
Media: Ronald Margulis RAM Communications 908-272-3930
ron@rampr.com
Investor Relations: Sandy Martin Three Part Advisors
214-616-2207 smartin@threepa.com
Grafico Azioni Spar (NASDAQ:SGRP)
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Da Dic 2024 a Gen 2025
Grafico Azioni Spar (NASDAQ:SGRP)
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Da Gen 2024 a Gen 2025
