After having invited itself to the round table of the collective catering company Elior, the Derichebourg group (5.3 billion in turnover in 2022) is taking its destinies in hand. Proof of this is given with the arrival at its head of Daniel Derichebourg, who replaces Bernard Gault, the current boss of Elior. This appointment, announced Tuesday, December 20, is accompanied by a capital increase and an expansion of the scope of the collective catering company.
The waste recycling and business services group had created a surprise by revealing its appetite for Elior in May. He then announced that he was ready to take nearly 20% of the capital of the French number two in collective catering by the end of June, thus becoming its largest shareholder. He held at that time less than 5%. He demanded two seats on the board of directors, but was quick to declare that he did not wish to launch a takeover bid (OPA) for the listed company.
This offensive took place in a complicated context for Elior. The company was shaken by the Covid crisis and the changes in habits of employees more inclined to practice telework. Even though activity has rebounded, the group remains weakened, especially as it is faced with the pressure of inflation. If for the 2021-2022 financial year, ended September 30, turnover increased by 20.6% to 4.45 billion euros, the net loss quadrupled to 427 million euros following asset write-downs.
New setup
Elior had embarked on a recovery strategy, closing its industrial meals business in the United States, for example. But at the beginning of March, the company was faced with the sudden resignation of its managing director, Philippe Guillemot, who had left to join the oil services group Vallourec. The board of directors had appointed Bernard Gault, hitherto independent director, interim managing director before appointing him CEO in July.
Elior, still heavily indebted, would see its financial structure strengthened and would be able to offer a multi-service offer to companies. An asset to compete for calls for tenders
His mission will have been short-lived. Mr. Derichebourg is now taking over the reins of the company, not without having first modified its scope. In fact, he decided to bring to Elior the business and community services activity of his family group. A subsidiary, called Derichebourg Multiservices (DMS), which weighs 943 million euros. This contribution of assets, valued at 450 million euros in enterprise value, automatically translates into an increase in the capital of Elior. Derichebourg will hold 48.4% of the shares following the transaction. This arrangement would make it possible to escape an obligation to launch a takeover bid. A request for exemption should be filed to this effect with the Autorité des marchés financiers.
You have 21.42% of this article left to read. The following is for subscribers only.