(BFM Bourse) – Specializing in civil and military robotics, the Gorgé group has its sights set on the world No. 1 in inertial units (instrument used in navigation, in addition to GPS), the French company iXblue, with which it has already worked for several years. . If it is not the only one in the ranks, the market welcomes the submission of an indicative offer for a buyback.
Safran, Wendel, Naval Group … The list of candidates for the acquisition of the Saint-German specialist in the design and manufacture of advanced autonomous, marine and photonic technologies is prestigious. List to which must also be added the Gorgé group, which “confirms having submitted a non-binding indicative offer for the takeover of the company iXblue, whose activities in maritime, defense, hydrography and drones are complementary to those of its subsidiary ECA Group, specialist in the field of autonomous robotics “following a press article published in theAgefi December 23.
Two months earlier, the nugget unknown to the general public but with globally recognized expertise (iXblue achieves 80% of its turnover – 130 million euros in 2019 – internationally) had seen its founder and CEO Hervé Arditty entrust a sale mandate to Crédit Agricole CIB. “The investment bank went to present the list of potential buyers to the General Directorate of Armaments. The message is clear: a buyout by a foreign strategic buyer is banned,” noted a source close to the file, questioned by theAgefi.
iXblue has 650 employees spread over 9 sites around the world and claims the status of world leader in inertia units. This instrument, used in navigation, is able to integrate the movements of a mobile (acceleration and angular speed) to estimate its orientation (roll, pitch and heading angles), its linear speed and its position, and it does not ‘uses no information external to the mobile. Despite the spectacular progress of satellite positioning systems, this technology is still used on airliners whose flight safety cannot be based solely on the insufficiently reliable GPS. A majority of military vehicles are also equipped with them to overcome possible GPS jamming.
A long-standing collaboration
In its press release, the Gorgé group underlines its collaboration for years with iXblue, in particular on the Belgian-Dutch program – the two groups strengthened their partnership in October 2020 by signing a 10-year contract for the supply, by iXblue, of submarine navigation and positioning as well as obstacle avoidance sonar as part of the MCM (mine action capability) system replacement program for the Belgian Navy and the Royal Dutch Navy. The Toolbox developed by ECA GROUP, for its part, includes drones that will be deployed by operators in order to carry out autonomous demining missions at sea. “It contains the Inspector125 surface drone, Skedar V-200 aerial drones, drones under -marines A18-M, towed sonars T18 for the detection of the mines as well as Seascan and K-STER C MIDS (Mine Identification and Disposal System) for the identification and the neutralization of the mines “specified the Belgian navy in its press release.
The Gorgé group indicates that it “would not have recourse to a capital increase to carry out this operation”. “The acquisition would be carried out by a newly created holding company, which would also own ECA after the contribution of the Gorgé group and which would have funds provided by an investor and by debt” indicates the group created by Jean-Pierre Gorgé in 1988 under the name of Finuchem. “The corporate values of ECA and iXblue retained in this project being comparable, the Gorgé group would have a significant majority alongside this financial investor and management” he added.
“Groupe Gorgé will keep the market informed only in the event of significant progress on this project, while respecting the confidentiality necessary for the process of this type of project” can we finally read in the press release published on Monday at 8 am.
Listed on compartment B of Euronext, the title of the group specializing in civil and military robotics (drones) but also in fire and nuclear safety, gained 2.6% to 15.64 euros. It thus brings its front to nearly 23% since January 1, for a valuation of around 270 million euros to date.
Quentin Soubranne – © 2021 BFM Bourse
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