by Did67 » 01/12/20, 10:11
For those who are a little interested in "capitalism in the activities that make sense" ...
I am polluting this site a little, where many of you pass, so that we do not remain naive - but if there is a big debate, I will propose to create another thread ...
Read on the World website this morning:
Xavier Niel and Matthieu Pigasse invite themselves to the consumer goods market
Associated with Moez-Alexandre Zouari, majority shareholder of Picard Surgelés, the duo created a fund dedicated to the acquisition of production and distribution companies "with strong social and environmental responsibility".
By Laurence Girard Posted yesterday at 11:35 am, updated yesterday at 11:42 am
2MX Organic. This name, unveiled on Sunday, November 29, is that of a new player in the European sector of organic or durable consumer goods. At the origin of this project, three major investors, Xavier Niel, majority shareholder of the telecommunications operator Iliad, Matthieu Pigasse, at the head of the French office of the American bank Centerview [both are also individual shareholders of the World], and a distribution expert, Moez-Alexandre Zouari.
The trio chose to go through the creation of an acquisition vehicle, known as SPAC (Special purpose acquisition company). A simplified way for a stock market introduction, with the key to fundraising to finance acquisitions. In this financial scheme, investors are, in effect, signing a veritable blank check to the founders of PSPC. 2MX Organic, which will be listed in Paris, on the professional compartment of the regulated market of Euronext, wishes to raise between 250 and 300 million euros. The result of the offer is expected to be announced on December 7.
The sum should be used in the acquisition of "one or more companies operating in Europe with strong social and environmental responsibility which intervene in the sector of consumer goods, production and distribution", according to the terms of the press release published by 2MX Organic.
Playing cards
If the targets are not revealed, a composite image is sketched. “They operate in a booming market. They are also part of a dynamic of local consumption. They offer differentiating alternatives to consumers who seek to give meaning to their purchases. “While consumption is experiencing profound upheavals, the founders of 2MX Organic believe they have a card to play. The first acquisition, for an amount of 1,5 to 2 billion euros, could be completed in 2021.
Mr. Niel and Mr. Pigasse already have a previous SPAC to their credit, the first in France, launched in 2016 in the audiovisual sector. He gave birth to the Mediawan group, led by Pierre-Antoine Capton. This time, they joined forces with a specialist in food distribution, Mr. Zouari, whose group operates numerous franchised stores and has become the reference shareholder of Picard Surgelés. He will take over the general management of the company.
Other food consumption experts are supporting the project. Just like Cécile Cabanis, who will step down as Danone's financial director at the start of 2021 and will be a member of the board of directors. As well as Gilles Piquet-Pellorce, former managing director of the Biocoop brand. He had recently worked on an offer to take over the organic chain of stores c'Bon with the Zaouari group, but Carrefour won.
Conclusion (extremely simple): Where growth (therefore the prospects for profitability), there are investors ...
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