Distressed acquisition opportunities – February 2024

Franklin’s Restructuring team has assembled its latest sector-by-sector list of distressed acquisition opportunities.

The targets are companies in insolvency proceedings that are now up for sale and for which tender offers have been made by the court-appointed trustees in charge of finding potential buyers.

Our sector-by-sector updates are designed to help clients quickly identify potential build-up opportunities.

Tender offer periods are very often extended beyond the deadlines specified in the list.

If you are interested in any of these assets, please contact our partners Numa Rengot and Arnaud Pédron who will be happy to provide further information and assist you with your acquisition.

This court-sanctioned sale process offers an opportunity to buy:

Fast: in a few weeks
Directly or through a NewCo
After limited due diligence (i.e., limited to the scope of the acquisition)
At lower prices than out-of-court acquisitions: the real cost consists in financing the acquired operation
Free and clear of debt, with only a few exceptions (no successor liability – lien and encumbrance free)
Without liability for restructuring costs
A turnkey, autonomous business unit
“Cherry picked” assets (number of employees, tangible and intangible assets, as well as rental, finance lease, distribution, purchase, and service agreements necessary for the continued operation of the business).

		Aveal – Charolles Aliments – Charolles Bourgogne Main features: Business: Société Coopérative Agricole Aveal: Holding company organised around livestock and crops (collection and sale, pellet production, supplies and services). SAS Charolles Aliments: Subsidiary specialising in the manufacture and sale of animal feed (in particular mash for ruminants and poultry) SARL Charolles Bourgogne: Subsidiary in charge of the garden centre business Location: Saône-et-Loire Company registration number: SCA Aveal : 778 567 750 – SAS Charolles Aliments : 422 803 601 – SARL Charolles Bourgogne : 402 231 880 2023 revenues: SCA Aveal : 32,9 M€ – SAS Charolles Aliments : 11,1 M€ – SARL Charolles Bourgogne : 8,5 M€ Headcount: SCA Aveal : 70 employees – SAS Charolles Aliments : 0 employee – SARL Charolles Bourgogne : 51 employees Deadline for submitting bids: 04/04/2024
		Women’s lingerie and swimwear Main features: Business: Marketing and distribution of women’s lingerie and swimwear through 6 commercial brands (Bestform, Gemma, Variance, Belcor, Cherry, Lou) Headcount 86 employees 2022 revenues: 30,7 M€ – 2021 revenues: 32,4 M€ Deadline for submitting bids: 20/02/2024
		Studies and design of mobile and fibre networks Main features: Business: Studies and design of mobile and fibre networks Location: Seine-Saint-Denis 2022 revenues: 15 M€ Headcount 99 employees Deadline for submitting bids: 23/02/2024
		Maison Lejaby Main features: Business: Manufacture and sale of lingerie and underwear in shops, on the internet and on a B2B basis, in France and abroad. Location: Paris, Lyon and Strasbourg Company registration number: 539 522 607 2022 revenues: 12 M€ Headcount 52 employees Deadline for submitting bids: 11/03/2024
		GTA Grenoble Main features: Business: Masonry and structural work Location: Voreppe (Isère) Company registration number: 539 342 402 2022 revenues: 8,5 M€ – 2021 revenues: 8,5 M€ – 2020 revenues: 9,6 M€ Headcount 28 employees Deadline for submitting bids: 29/02/2024
		Cascade Main features: Business: A company selling top-of-the-range sanitaryware in two showrooms in Paris Location: Paris (Ile-de-France) Company registration number: 402 887 954 2023 revenues: 2,6 M€ Headcount 10 employees Deadline for submitting bids : 20/03/2024
		Daniel Grenin Main features: Business: Long and short-distance interurban road freight transport Location: Nièvre – Centre of France Company registration number: 304 487 770 2023 revenues: 2,4 M€ – 2022 revenues: 2,7 M€ Headcount 25 employees Deadline for submitting bids: 06/03/2024
		Supermarket business Main features: Business: Supermarket business Location: Embrun (Hautes-Alpes) 2022 revenues: 2,4 M€ – 2021 revenues: 3 M€ – 2020 revenues: 3,6 M€ Headcount 12 employees Deadline for submitting bids: 08/03/2024
		Reciprok Main features: Business: Building engineering – Technical design office specialising in public aquatic facilities Location: Lyon (Rhône) Company registration number: 789 252 491 2022 revenues: 1,5 M€ – 2021 revenues: 1,3 M€ – 2020 revenues: 1,1 M€ Headcount 14 employees Deadline for submitting bids: 01/03/2024
		Bourbince Distribution Main features: Business: Wholesale of fuels and related products Location: Palinges (Saône-et-Loire) Company registration number: 343 978 763 2023 revenues: 1,5 M€ – 2022 revenues: 1,7 M€ – 2021 revenues: 1,1 M€ Headcount 0 employee Deadline for submitting bids: 04/04/2024
		Pharmacy Main features: Business: Operating a pharmacy Location: Provence Alpes Côte d’Azur 2022 revenues: 1,4 M€ Headcount 5 employees Deadline for submitting bids: 15/02/2024
		Hap2U Main features: Business: Research, development and support for the industrialisation of haptic feedback solutions for touch screens (and other surfaces) of all sizes in the automotive, industrial and consumer sectors Location: Saint Martin d’Hères (Isère) Company registration number: 815 150 537 2023 revenues: 1,4 M€ – 2022 revenues: 1,1 M€ – 2021 revenues: 789 K€ Headcount 12 employees Deadline for submitting bids: 29/02/2024
		Pharmacy Main features: Business: Operating a pharmacy Location: Le Mans (Sarthe) 2023 revenues: 1,3 M€ Headcount 2 employees Deadline for submitting bids: 23/02/2024
		Colombo Main features: Business: Industrial mechanics specialising in the supply of bimetal parts for manufacturers of high-performance pumps and valves Location: Claix (Isère) Company registration number: 419 284 377 2022 revenues: 1,3 M€ – 2021 revenues: 1,1 M€ – 2020 revenues: 1 M€ Headcount 9 employees Deadline for submitting bids : 25/03/2024