(CercleFinance.com) – Teract is going public with a bang on Monday following the conclusion of a definitive merger agreement between the SPAC 2MX Organic and the distributor InVivo Retail.
For this first day of listing on Euronext Paris, Teract’s price soared by more than 33%, giving it a market capitalization of more than 730 million euros.
Teract’s IPO is the result of the merger of InVivo Retail, which owns the gardening brands Gamm vert and Jardiland, among others, with 2MX Organic, the SPAC of Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari intended to produce acquisitions in the durable consumer goods sector.
InVivo Retail has 1,597 stores, of which 213 are directly owned, operated under the garden center brands Gamm vert, Jardiland, Delbard and Jardineries du Terroir, as well as under the food distribution brands Frais d’Ici and Bio&Co and pet shop Noa
Teract’s shareholding is now made up of InVivo, Teract’s majority shareholder and one of Europe’s leading agricultural and agri-food groups, the founders of 2MX Organic, Bpifrance and several leading institutional investors.
According to market sources, 2MX Organic had targeted, at the beginning of 2021, the fresh produce distribution brand Grand Frais.
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