SPAR Group Announces Sale of Interest in South Africa and Brazil
Retrieved on:
Monday, April 1, 2024
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.
Key Points:
- 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.
- 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.
- 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.