(AOF) – Groupe Gorgé announces its plan to sell its Engineering & Protection Systems division to its main shareholder, the Gorgé family, for a value of the shares of 27 million euros, implying an enterprise value of 47 million euros. The offer relates to the entire stake of Groupe Gorgé in the ISP division for a share value of 27 million, implying an enterprise value of 47 million euros, i.e. 25x the estimated 2022 EBITDA and 8x the ‘Ebitda 2023 estimated.
This project has been the subject of a report on the value of the division and on the fairness of the sale price by an independent expert and will be submitted for the approval of the shareholders at a combined general meeting on December 8, 2022.
Groupe Gorgé thus proposes to its shareholders to finalize the simplification of activities with the sale of the Engineering & Protection Systems (ISP) division, i.e. three activities: security doors for the nuclear industry (Baumert subsidiary, wholly-owned), Fire Protection (subsidiary VPI, 70%-owned, and Engineering and Technology Consulting (subsidiaries SERES, 70%-owned, and StedY, 65%-owned). This division operates in interesting markets but far from the activities of Exail.
This operation would thus make it possible to finalize the simplification of the activities in a single operation which would be carried out by the end of February 2023, subject to the approval of the general meeting. It would increase the visibility of the group now focused on robotics and high-tech critical systems, particularly in the naval and maritime field. On this occasion, Groupe Gorgé would be renamed Exail Technologies, to reflect the completion of its transformation.
The offer relates to the entire stake of Groupe Gorgé in the ISP division for a share value of 27 million, implying an enterprise value of 47 million euros, i.e. 25x the estimated 2022 EBITDA and 8x the ‘Ebitda 2023 estimated.
This disposal would have a significant positive impact on the group’s net income. The company’s growth and profitability profile would also be improved.
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