Luggage protection service provider and travel accessories retailer, Safe Bag S.p.A. has made a binding agreement with the shareholders of Care4bag – Kostas Darivakis, Sotiris Anyfantis and Athanassios Karageorgopoulas– for a 60% acquisition of the company.

Greek luggage protection service company, Care4bag, operates at Athens and Thessaloniki airport, and registered income of €1.2m ($1.4m) last year.

The agreement is subject to the successful completion of the due diligence expected by 17 September.

This follows the news that Safe Bag subsidiary SosTravel.com S.p.A. filed a pre-admission application for negotiations on Borsa Italiana – AIM Italia stock exchange – on 17 July.

“The acquisition of Care4Bag is strategic for our group,” insists Alessandro Notari, CEO of Safe Bag, “which is seeking a partner in the Balkan peninsula and Eastern Europe…where our services are highly appreciated.

Safe Bag recently acquired Pack&Fly’s operations, including subsidiary Wrapping Service LLC.

‘HOMESTRETCH’ FOR IPO PROCESS

“The agreement also envisages the support of a valid entrepreneur, Kostas Darivakis, with whom a great feeling and alignment of opinions were established immediately.”

Rudolph Gentile, the President of Safe Bag adds: “Growth through acquisitions of free market areas, according to the federal model, is the fastest way for both Safe Bag and SosTravel to grow, now on the homestretch on the IPO process on AIM currently underway.”

In addition, Safe Bag has also announced that its subsidiary Wrapping Service LLC – which was acquired during the PackandFly transaction – has signed a 3-year contract to supply its own integrated service offer for travellers at Vladivostok International Airport, Russia. Activities are expected to start on 1 August 2018.

“Vladivostok is the most important airport in the Far East of Russia, with around 2 million passengers in 2017, with a growth in 2018 mainly on Chinese, Korean and Japanese routes,” states Safe Bag.

“The PackandFly Group confirms its own commercial capacities,” adds Notari. “In just 20 days since the acquisition it has already concluded agreements with two new partners: Cebu, and now, Vladivostok airports.”