(Boursier.com) — Euronext is today celebrating the IPO of Teract, formerly 2MX Organic and European leader in sustainable, alternative and responsible distribution, on the Professional Compartment of the regulated market of Euronext Paris (ticker: TRACT ).
The introduction of Teract is the result of the successful merger of InVivo Retail, a subsidiary of the InVivo group and distribution center specializing in garden centres, pet shops and food, with 2MX Organic, a Special Purpose Acquisition Company (SPAC) , dedicated to the production and distribution of durable consumer goods, which listed on Euronext Paris on December 9, 2020. The market capitalization of Teract on the first day of listing amounts to 547 million euros.
The cornerstone of Teract, InVivo Retail is a French leader in garden centres, pet shops and food distribution. InVivo Retail has developed a specialized distribution network unique in France, made up of 1,597 stores, of which 213 are directly owned. These bring together the garden center brands Gamm vert, Jardiland, Delbard and Jardineries du Terroir, the food retailer Frais d’Ici and Bio&Co and the pet store Noa. Teract’s strategy includes developing the existing store base, strengthening the relationship with the franchise network, and developing omnichannel through even more efficient e-commerce platforms. Teract’s ambition is to create a unique brand platform based on a personalized and local distribution model, giving back all its share to the quality of local expertise, the promotion of organic products and short circuits.
Teract’s shareholding is now made up of InVivo, majority shareholder of Teract and one of Europe’s leading agricultural and agri-food groups, the founders of 2MX Organic, Bpifrance and several leading institutional investors.
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