The company, born from the merger of InVivo (Jardiland, Gamm Vert) and Spac of the trio Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, aims to create a “Tesla of distribution”.
Successful mission for Teract, the company born from the merger of the agricultural cooperative InVivo and Spac of the trio Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, 2MX Organic. On the day of its IPO on Euronext Paris on Monday, the share price of this new distribution player jumped 42%, to 10.60 euros, valuing it at 778 million euros.
“This increase occurs in general negative market conditions with a strong downward trend, specific conditions of the Spacs market [special purpose acquisition company] of which many suffer and will not see the light of dayunderlines the company. This performance confirms the quality of the project set up by the founders and InVivo, even though many SPACS have disappointed investors“.
On March 31, 2MX Organic and the InVivo cooperative, a union of 188 French agricultural cooperatives that became the second largest agricultural group in Europe in 2021, announced their intention to come together to create “a new major disruptive player in distribution“. InVivo contributed its distribution branch to 2MX Organic in exchange for a majority stake in the capital. At the end of this transaction, Teract’s capital is held 75.89% by the InVivo cooperative, 6% by the Zouari family, 3.4% by Xavier Niel, 3.4% by Matthieu Pigasse and 1.63 % by BPI France.
InVivo Retail is a major player in garden centres, which already has 1,600 points of sale in France, including just over 200 of its own. These are mainly Gamm Vert, Jardiland and Delbard brands. Teract’s project is to support more than a hundred of these points of sale with a new food brand, called “Grand Marché – Frais d’ici”, which will offer almost exclusively fresh products. “It will draw on the strengths of the new entity, in particular the securing of supplies through the network of InVivo member cooperatives“, explains the group. Teract will initially have 100 million euros to carry out this development. The company will also be able to borrow in the future to finance new operations. It is thus preparing to buy a network of bakeries.