Franklin advises Sprint on the acquisition of Imprimerie Léonce Deprez by Léonce-Antoine Deprez.
Franklin’s Restructuring team has advised Sprint in connection with the court-supervised acquisition of Léonce Deprez, a printing company in reorganization since June 26, 2019, by Léonce-Antoine Deprez.
Founded in 1922, Léonce Deprez is a major printing company that specializes in magazine, catalogue, institutional brochure and prospectus printing. Its assets include rotary presses, sheet-fed presses, perfect and sewn binding machines, as well as a blister packaging and custom mailing system. In 2018, Léonce Deprez reported €30 million in revenues. On June 26, 2019, the Commercial Court of Arras placed both Léonce Deprez and its sister company, Brochage Routage des Hauts de France (BRHF), in reorganization. Despite the restructuring plan that was implemented during the observation period, the two companies’ debt level prompted the court-appointed trustee to issue a call for bids.
Founded in 2007, the Sprint Group employs over 400 people across several locations in France. In 2019, it reported over €65 million in revenues. Sprint positions itself as the go-to printed communication service provider for France’s largest corporations and the leading consolidator in the French printing market.
The founder’s grandson, Léonce-Antoine Deprez, submitted a bid for the distressed assets and, together with a top executive of Imprimerie Léonce Deprez and Sprint, which was identified as an industrial partner with strong synergy potential, set up a company to carry out the proposed acquisition.
Because he did not qualify as a third party within the meaning of the French Commercial Code, Léonce-Antoine Deprez invoked Article 7 of Decree (ordonnance) no. 2020-596, introducing adjustments to the rules applicable to businesses and farms facing COVID-19-related difficulties, pursuant to which “if the proposed asset disposal may ensure the retention of jobs, the debtor or its court-appointed trustee may petition the court to approve the sale”.
On January 27, 2021, the Commercial Court of Arras approved the bid submitted by Léonce-Antoine Deprez and Sprint, ensuring a safe path forward for the iconic magazine printing company and its 53 employees.
Mr. Léonce-Antoine Deprez is advised by Harold Vandamm (CVA) and certified public accountant Hubert Guerin (In Extenso).
Imprimerie Léonce Deprez (in court-supervised reorganization) is advised by Nassim Ghalimi (Osborne Clarke).
Court-appointed officials in the reorganization proceedings:
- Trustee: SELARL AJC (Colins Metallier and his associate Quentin Pierkiel)
- Creditors’ representative: Sébastien Depreux