Metabolic explorer: Well helped by Bpifrance, the green chemistry group Metex completes its financial rescue


(BFM Bourse) – The green chemistry group has announced the finalization of its refinancing operations intended to develop its 2023-2024 projects. Bpifrance now holds more than 30% of the capital of Metex following this rescue operation.

The rescue of METabolic EXplorer (Metex) has been completed. The company specializing in industrial fermentation has announced the finalization of financing operations intended to continue its 2023-2024 transformation project.

Announced at the end of last December, this financing plan included several components, in particular a capital increase of 8 million euros to which SPI, a fund managed by Bpifrance, undertook to subscribe up to the amount of its subscription rights and to ensure the success of the operation. Following this capital operation, the stake of Bpifrance Investissement went from 25.92% to 30.10% of the capital of Metex.

The company recalls that Bpifrance has benefited from a derogation from the Financial Markets Authority to the obligation to launch a takeover bid (public purchase offer) on the group in the event that it exceeds 30% of the capital. This agreement also provided for the rescheduling of the tax and social security liabilities of the company and its subsidiaries.

As well as various new financings, including a loan guaranteed by the State (PGE) made available by Bpifrance of 34 million euros to METEX NØØVISTAGO, a subsidiary of Metex.

Several headwinds

Under financial pressure, Metex was forced to seek support from its creditors and Bpifrance to continue its operation. The company specializing in industrial fermentation allowing the manufacture of ingredients of natural origin intended for the animal nutrition, cosmetics and biopolymer markets has had to face several headwinds in recent months. The animal nutrition market is in cyclical decline while the costs of raw materials and energy are rising, which has had the effect of degrading the accounts of the Clermont-based green chemistry company.

This surge in energy costs had forced Metex to shut down its Amiens factory producing amino acids by fermentation for animal nutrition this fall. This financing agreement should allow the restart of this plant.

Metabolic Explorer has also commissioned a service provider to find additional financing for the business plan to be put in place by January 2025 up to a maximum of 30 million euros.

By this time, Metex expects to be able to achieve a turnover of approximately 420 million euros, an Ebitda of around 46 million euros and an operating cash flow (before financing and investments) of around of 42 million euros.

On the Paris Stock Exchange, the Metex share rose 10.04% to 1.25 euros, around 11:10 a.m. but still lost more than 75% over one year.

Sabrina Sadgui – ©2023 BFM Bourse

Are you following this action?

Receive all the information about METABOLIC EXPLORER in real time:




Source link -84