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Frenger International is pleased to announce that its client, Manutan Group, a European leader in equipment distribution for businesses and local authorities, has signed an agreement aimed at acquiring 100% of the shares in the company Papèteries Pichon, a leading distributor of school supplies to nursery and primary schools.
Based in France (Saint-Etienne) the company Papèteries Pichon was founded in 1948 and has since developed throughout mainland France. Its market position is driven by an extensive product range, a personalised sales approach and an excellent supply chain. It boasts large catalogues featuring nearly 12,000 products to customers which are mainly schools and local authorities.
The company Papèteries Pichon generates revenue of 65 million Euros with an EBIT close to 10% of its revenue.
The Manutan Group’s acquisition of the company Papèteries Pichon will cement the Group’s status as one of the leading forces in the local authorities market in France, building on the acquisition of Camif Collectivités in 2009 and Casal Sport in 2012.
The acquisition is the second managed within two year by Frenger International on behalf of Manutan. Jean-Noel Mermet underlines the unique nature of this Franco-French operation: “Frenger is a boutique consultancy specialising in cross-border transaction mainly in Northern Europe. This acquisition demonstrates the quality of the services Frenger clients benefit from, as well as the trust Manutan’s management has in our company by allowing us to advise them through the most significant operation the group has carried out to date”.
The acquisition was mainly funded by the Manutan Group’s equity capital, listed on NYSE Euronext Paris Compartment B, whose financial status remains as sound as ever. The operation is subject to final approval from France’s Competition Authority.
The Manutan Group is a European leader in multi-channel equipment distribution for businesses and local authorities. Established in 19 countries through 25 operating subsidiaries, the Group is a leading player in Europe. In 2013/2014, the Manutan Group generated revenue of 590 million euros, almost 40% of which outside France.
Frenger International Ltd, a Mergers & Acquisitions boutique specialized in the initiation and management of cross-border acquisitions for its clients. Based in London since 1983, Frenger International has completed more than 60 operations on behalf of European and North American groups from many sectors.