(BFM Bourse) – After a due diligence audit, the specialist in composite materials (formerly Mecelec) announces the “interruption” of discussions with the Savoyard firm Edel Tamp.
Backtracking for Altheora, which nevertheless enthusiastically revealed in December 2021 the opening of exclusive negotiations for the acquisition of Edel Tamp, a specialist in the development and production of large format thermoplastic injection parts.
The Ardèche group, previously known as Mecelec, announced on Monday “the interruption” of the exclusive negotiations started at the end of 2021 with Edel Tamp. “The conclusions of a contradictory audit carried out by Altheora, in particular, did not lead to an agreement”, explains the company.
Without explicitly mentioning the possibility of a return to the negotiating table, the terms chosen nevertheless make it possible not to exclude this possibility.
Founded and managed by Yannick Edel, Edel Tamp (“techniques and applications of plastic materials”) is a specialist in injection techniques for large format plastic parts for agriculture, medicine, construction, handling, gardening etc In this sense, its activity appears to be complementary in every way to that of Altheroa, which is more positioned on small and medium format pieces.
Back to square one on the stock market
Originally from Annecy, Edel Tamp also operates a production site in Heyrieux in Isère. With 40 employees, the company achieved a turnover of 12.7 million in its last financial year, exceptionally counting 15 months from July 1, 2020 to September 30, 2021. For its part, Altheora saw its activity climb to 32 million. euros in 2021.
Insofar as the company controlled by the Deloche family presented the acquisition as a step “ahead of phase” in its strategic plan “Inspire & Lead the industrial reconquest”, Altheora indicates that it remains on track to achieve a turnover of 100 million euros in 2026. However, it no longer mentions the interim target of 50 million from 2023.
After the announcement, the price of Altheora remained stable at 1.84 euros, corresponding precisely to the price reached at the close of December 16 when mention had been made of the discussions.
Guillaume Bayre – ©2022 BFM Bourse