Signature of the acquisition of a stake in OMP MECHTRON
Gradual rise of Grolleau in the capital up to 49.9% in 2023 and up to 100% in 2026
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A strategic agreement to form
an industrial group of 500 employees with 4 industrial sites and generating more than €70 million overall solids
industrial and commercial synergies
identified
Montilliers – June 29, 2023. Grolleau (ISIN Code: FR0014005ZM5 / Mnemonic: ALGRO) announces that it has signed a strategic contract for a gradual capital increase in OMP Mechtron, a European industrial player specializing in the manufacture of metal cabinets, chassis and racks and structure of fast charging stations. As part of this agreement, Grolleau takes an immediate 49.9% stake in OMP’s capital through a reserved capital increase. This announcement follows the press release of February 13, 2023 announcing the entry into exclusive negotiations between the two companies
[1]
.
This structuring and strategic transaction for Grolleau remains subject to the lifting of the condition precedent relating to the agreement of the Italian Ministry of Finance expected before August 30, 2023.
Laurent Marbach, Chairman and CEO of Grolleau, declares
: “I am very happy to sign with OMP this strategic alliance with great potential for our two houses. With this operation, Grolleau intends to become a major industrial group, accelerate the deployment of its export activities and thus be able to meet all the demands of our international customers. We also want to support OMP in a partnership approach aimed at expanding its activities towards more integration to capture more added value, and work together on new products based on our respective skills.
Our corporate culture, based on human values, and our industrial history are close. For 1 year, our collaboration has been developing under very good conditions, in a good collaborative spirit and we have just won our first contract with a client in the United States thanks to OMP. We are all fully mobilized to create value for this new entity and make this merger a success.
It was for me a commitment during the IPO of Grolleau to succeed in an external growth operation opening up new international prospects. »
Andrea Conte, President and CEO of OMP Mechtron, says:
“This strategic alliance is really important for OMP, especially at this extremely positive moment for us. It will allow us to more quickly reach the production capacity needed in Italy, Mexico and China to meet the sharp increase in demand in our markets, in particular that of fast charging stations. The industrial partnership between our two teams will respectively increase the know-how and the added value of our offer to our customers.
Our international footprint is already pooled with Grolleau to support and develop existing customers and new opportunities in Asia, Europe and North American markets. The complementarity of our two companies is the greatest potential of this agreement, as well as the common know-how and the solid collaboration that we have developed during already a year of collaboration. »
A major change of dimension for the group: 500 employees and 4 industrial sites in France and abroad
With nearly 40 years of industrial history, OMP MECHTRON is an Italian company that manufactures sheet metal assemblies and functional sub-assemblies, ready to be integrated, on behalf of a wide range of leading customers worldwide. The latter are present on common Grolleau markets (Telecom, Rail, Automation and Robotics, Charging stations), which offers solid prospects for commercial synergies for the Group.
The new entity would double the size of Grolleau from 200 employees as of December 31, 2022
to more than 500 employees
.
The Group would thus be present beyond the borders with 4 industrial sites (France (Angers), Italy (Milan), Mexico (Guadalajara) and China (Shanghai)).
Grolleau will thus be able to offer its existing customers quality international support and expand its business opportunities in new global markets.
From a financial point of view, OMP Mechtron achieved a turnover of €32 million in 2022.
[2]
(up around +18% compared to 2021) including around 70% internationally and 30% in Italy, for an EBITDA level comparable to that announced by Grolleau.
Subject to the fulfillment of the condition precedent linked to the agreement of the Italian government on the operation (expected before August 30, 2023), OMP will be proportionally consolidated in the accounts on the date of completion of the operation, until that Grolleau becomes the majority shareholder. At that time, OMP will be fully consolidated at 100%.
A gradual increase in capital up to 100% in 3 years
This capital operation will give rise to a gradual acquisition of a stake over 3 years. On the date of completion of the contract (closing)
[3]
Grolleau takes a 49.9% stake in the capital through a reserved capital increase.
From 2025, Grolleau will increase its stake to reach 100% of the capital in 2026, by exchange of shares and/or in cash on the basis of a valuation multiple indexed to performance.
Solid commercial synergies and a first international contract win
The very strong complementarity of the offer and the access to a wide range of international customers on world markets are key elements of this strategic operation for Grolleau.
The very solid experience of manufacturing sheet metal structures and frames indoors
[4]
of OMP Mechtron, coupled with Grolleau’s strong industrial expertise in integration and testing in “outdoor” environments
[5]
will enable the new Group to offer high-tech, fully integrated and innovative solutions on their markets, in particular that of charging stations, which is experiencing strong growth at OMP Mechtron and Grolleau.
The first commercial synergies have already started since Grolleau won a first international contract thanks to OMP with a client in the United States. A preliminary study request was put in place in order to provide a high-tech product, with a unique design and specifically designed for this customer.
Next meeting :
2022 annual results, Thursday July 20, 2023 before market
Find all the information about Grolleau on: www.grolleau-bourse.com
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ABOUT GROLLEAU Founded in 1950, Grolleau is a French industrial player specializing in the supply of infrastructure equipment to support the development of smart cities and territories ( Smart Territory ) booming with the deployment of 5G and connected objects. Grolleau is the recognized specialist in outdoor equipment for the protection and securing of critical technologies that ensure the proper functioning of territories (energy and water management, connectivity and telecommunications, green mobility, smart grid). Grolleau is the French number 1 in urban cabinets (telecoms / energy) throughout the territory and the 1 er French manufacturer of on-street electric charging stations. French designer, manufacturer and integrator of its equipment, Grolleau controls the entire value chain, from design to delivery, on its industrial site in Montilliers (Angers) over more than 60,000 m 2 and employs 200 people. The company generated revenue of €34.1 million as of March 31, 2023 and intends to more than double its revenue between 2021-2022 and 2025-26. |
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INVESTOR RELATIONS NEWS finance & communication Anne-Pauline PETUREAUX [email protected] Such. 01 53 67 36 72 PRESS RELATIONS |
[1]
Link to press release
[2]
Unaudited data
[3]
After lifting of the condition precedent
[4]
In English “inside”
[5]
In English “outside”
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Full and original press release in PDF format:
https://www.actusnews.com/news/80684-cp_grolleau_signature_omp_mechtron_vf.pdf
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