Sicily By Car buys two Croatian companies for 4.5 mln euro

The deal also includes earn-out payments of 350,000 euro if the two companies achieve certain profitability targets in 2025 and 2025, Sicily By Car said in a press release.

Sicily By Car expects to close the transaction within 30 working days.

Nova Gratia had a fleet of over 850 vehicles as of the summer of 2023 and a presence throughout the territory of the Adriatic country. It was set up in 2009.

Auto Dalmacija is a KIA dealership serving the Split area and Dalmatia. In addition to selling new KIA vehicles, it provides repair, maintenance, assistance, and advisory services regarding vehicle financing and insurance conditions. It was founded in 2016.

Prior to the deal, Nova Gratia and Auto Dalmacija were owned by Damir Bubric, Josko Bubric, Rino Pavlov and Ana Harasic. Both companies are headquartered in Trogir.

The companies achieved combined revenue of 8.1 million euro in 2023, and earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.1 million euro, with a negative net financial position of 2.2 million euro, according to the press release.

($ = 0.934 euro)