News
09.02.2023Arnaud Pédron, Numa Rengot

Distressed acquisition opportunities – February 2023

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).

 

GO SPORT

Main features:

  • Business: Purchase and sale of sports and leisure articles, clothing and all articles for personal clothing, under the “GO SPORT” brand, in particular:
    – Distribution:
    1/ Groupe GO SPORT: 46 Master Franchise shops internationally
    2/ GO SPORT France: 82 integrated shops, 87 franchised shops (GO SPORT and Endurance Shop), online sales.
    – Wilsam shareholding (Gap brand).
  • Headcount: Groupe GO SPORT : 250 employees – GO SPORT France : 1900 employees
  • Revenues: Groupe GO SPORT: 7,1 M€ – GO SPORT France : 353,3 M€
  • Deadline for submitting bids: 10/03/2023

Phoenix Group

Main features:

  • Business: Group specialising in services for steelmakers in Dunkirk, Fos-sur-Mer and Saint Saulve.
  • Location: Dunkerque, Fos-sur-Mer and Saint Saulve
  • Company registration number: Phoenix Services France : 402 684 120 – Phoenix Services France Acquisition Corp : 538 679 119
  • Headcount: Phoenix Services France : Fos-sur-Mer : 101 employees – Dunkerque : 88 employees – Saint-Saulve : 39 employees – Lesquin : 5 employees – Phoenix Services France Acquisition Corp : 10 employees
  • 2021:revenues Phoenix Services France : 43,4 M€- Phoenix Services France Acquisition Corp : 4,1 M€
  • Deadline for submitting bids: 27/03/2023

E4V

Main features:

  • Business: The companies are active in the Lithium battery market for electric vehicles and other applications (trains, boats, hybrid vehicles, agricultural machinery, stationary solutions).
    4V: Operational holding company, ensuring the research and development, design and marketing of lithium-ion battery solutions based on Lithium-ion Iron Phosphate technology.
    E4V Production: French production of lithium-ion battery solutions
  • Location: Le Mans (Sarthe)
  • Company registration number: E4V : 505 371 252 – E4V Production : 530 634 849
  • Headcount: E4V : 51 employees – E4V Production : 51 employees
  • 2021 revenues: E4V : 13 M€ – E4V Production : 11.5 M€
    2022 revenues: E4V : estimation 16 M€ – E4V Production : 18 M€
    2023 revenues: E4V : estimation 3 M€ –  E4V Production : 30 M€
  • Deadline for submitting bids: 31/03/2023

Mobility solutions with artificial intelligence

Main features:

  • Business: Company specialised in mobility solutions with artificial intelligence in France and abroad.
  • Location: Mont-de-Marsan (Landes)
  • Headcount 225 employees
  • 2021 revenues: 10 M€
  • Deadline for submitting bids: 21/02/2023

General public works company

Main features:

  • Business: General public works company, VRD, networks, earthworks.
  • Location: Mont-de-Marsan (Landes)
  • Headcount 32 employees
  • 2021 revenues: 5,9 M€
  • Deadline for submitting bids: 24/02/2023

Administration of buildings

Main features:

  • Business: Administration of buildings and other real estate.
  • Location: Lisses and Courcouronnes (Essonne)
  • Headcount 0 employee
  • 2022 revenues: 4,4 M€
  • Deadline for submitting bids: 27/02/2023

Raub Brest

Main features:

  • Business: Company specialising in painting (interior and exterior) and flooring.
    Location: Guilers (Finistère)
  • Company registration number: 636 820 524
  • Headcount 39 employees
  • 2022 revenues: 4,2 M€
  • Deadline for submitting bids: 28/02/2022

Association Avenir

Main features:

  • Business: Popular education association recognised as being of social utility, carrying out support, social and professional integration and training activities for people who are far from employment, in serious social difficulty and not taken into account in existing schemes.
  • Location: Riom (Puy-de-Dôme)
  • Headcount 93 employees
  • 2021 revenues: 2,4 M€
  • Deadline for submitting bids: 13/02/2023

Publication and distribution of magazine

Main features:

  • Business: Company specialising in the publication and distribution of a news and leisure magazine.
  • Location: Paris
  • Headcount 9 employees
  • 2022 revenues: 2,3 M€
  • Deadline for submitting bids: 01/03/2023

Avignon Transports

Main features:

  • Business: Road freight transport.
  • Location: St-Pourçain-sur-Sioule (Allier)
  • Company registration number: 750 017 618
  • Headcount 18 employees
  • 2022 revenues: 2 M€
  • Deadline for submitting bids: 03/03/2023

Synomia

Main features:

  • Business: A data-driven consulting company with artificial intelligence technology and NPL expertise, conducting marketing, communication and HR studies using data collected on the internet and social networks.
  • Location: Boulogne-Billancourt (Hauts-de-Seine)
  • Company registration number: 432 512 531
  • Headcount 21 employees
  • 2021 revenues: 1,7 M€
  • Deadline for submitting bids: 06/03/2023

Rental and installation of scaffolding

Main features:

  • Business: Rental and installation of scaffolding for work at great heights and with great difficulties (dams, aircraft-carrying nuclear power stations): feasibility study and scaffolding assembly services (70%) and rental/sale of scaffolding (30%). The company owns a stock of scaffolding equipment valued at 1.9 M in operating value.
  • Location: Champigny-sur-Marne (Val-de-Marne)
  • Headcount 6 employees
  • 2021 revenues: 1,2 M€
  • Deadline for submitting bids: 17/02/2023

Ergosup (Start-up)

Main features:

  • Business: Solutions for massive production and storage of green hydrogen (zinc electrometallurgy). Decentralised supply of green hydrogen at very high pressure without mechanical compression. Innovative and patented solutions.
  • Location: Malataverne (Drôme)
  • Company registration number: 521 588 236
  • Headcount 13 employees
  • Deadline for submitting bids: 02/03/2023