News
18.03.2021Arnaud Pédron, Numa Rengot

Distressed acquisition opportunities – March 2021

Franklin’s Restructuring team has assembled its latest sector-by-sector list of distressed acquisition opportunities.

The targets are companies in insolvency proceedings that are now up for sale and for which tender offers have been made by the court-appointed trustees in charge of finding potential buyers.

Our sector-by-sector updates are designed to help clients quickly identify potential build-up opportunities.

Tender offer periods are very often extended beyond the deadlines specified in the list.

If you are interested in any of these assets, please contact our partners Numa Rengot and Arnaud Pédron who will be happy to provide further information and assist you with your acquisition.

This court-sanctioned sale process offers an opportunity to buy:

  • Fast: in a few weeks
  • Directly or through a NewCo
  • After limited due diligence (i.e., limited to the scope of the acquisition)
  • At lower prices than out-of-court acquisitions: the real cost consists in financing the acquired operation
  • Free and clear of debt, with only a few exceptions (no successor liability – lien and encumbrance free)
  • Without liability for restructuring costs
  • A turnkey, autonomous business unit
  • “Cherry picked” assets (number of employees, tangible and intangible assets, as well as rental, finance lease, distribution, purchase, and service agreements necessary for the continued operation of the business).

Manoir Industries

Main features:

  • Business:
    • Manoir Industries : company operating a foundry activity in the nuclear and petrochemical sectors.
    • ACPP : company carrying out activities of boiler making, piping, mechanized welding, welding and assembly in the nuclear and defense sectors.
    • Agriande-CTI : company specialized in boiler making, piping, mechanized welding, welding and assembly in the petrochemical sector.
    • CTI – ACDN : company specialized in boiler making, piping, mechanized welding, welding and assembly for customers active in the sectors of water and smoke treatment and the food industry.
    • Manoir Engrenages : company specialized in the manufacture of gears and mechanical transmission components for the construction equipment, aeronautics and defense sectors.
  • Location:
    • Manoir Industries : Eure (27)
    • ACPP : Hague – Manche (50)
    • CTI-ACDN : Agneaux – Manche (50)
    • Agriande-CTI : Conches-en-Ouches – Eure (27)
    • Manoir Engrenages : Chaumontel – Val d’Oise (95)
  • Headcount:
    • Manoir Industries : 436 employees
    • ACPP : 234 employees
    • Agriande-CTI: 49 employees
    • CTI – ACDN : 93 employees
    • Manoir Engrenages : 35 employees
  • Company registration number:
    • Manoir Industries : 381 985 571
    • ACPP : 309 382 901
    • Agriande-CTI: 503 536 302
    • CTI – ACDN : 407 512 185
    • Manoir Engrenages : 632 010 856
  • 2020 revenues:
    • Manoir Industries: 76,1 M€
    • ACPP: 18,7 M€
    • Agriande-CTI: 5,6 M€
    • CTI-ACDN: CA 7,4 M€
    • Manoir Engrenages: CA 4,9 M€
  • Deadline for submitting bids:  22/03/2021

Blade – Shadow

Main features:

  • Business: company focused on developing the “Shadow” service based on a proprietary software solution giving access to a high-end dematerialized computer on the cloud, via a monthly subscription.
  • Location: Paris
  • Headcount 138 employees in France and 25 employees in foreign subsidiaries
  • Company registration number: 813 865 870
  • 2019 revenues: 20 M€ – 2020 revenues: 17 M€
  • Deadline for submitting bids:  19/03/2021

Manoir Bouzonville

Main features:

  • Business: Company operating in forging, heavy stamping and hot extrusion activities in the energy, defense and transportation sectors.
  • Location: Bouzonville (Moselle)
  • Headcount 163 employees
  • Company registration number: 754 015 923
  • 2020 revenues: 14,1 M€
  • Deadline for submitting bids: 29/03/2021

Boilermaking activity, waggoner

Main features:

  • Business: Boilermaking activity, waggoner.
  • Location: Moselle (Grand Est)
  • Headcount 32 employees
  • Revenues: 12 M€
  • Deadline for submitting bids:  05/04/2021

Aluminum profiles and glass facades

Main features:

  • Business: Company specialized in aluminum joinery products and glass facades.
  • Location: Occitanie
  • Headcount 35 employees
  • 2020 revenues: 9,5 M€
  • Deadline for submitting bids:  19/03/2021

Union des Mutuelles de Dunkerque

Main features:

  • Business: 7 optical and hearing centers / 1 multidisciplinary mutualist health center / 2 home nursing centers / 59 health professionals
  • Location: Dunkerque (Nord)
  • Company registration number: 775 621 725
  • Headcount 94 employees
  • 2020 revenues: 4,9 M€
  • Deadline for submitting bids:  22/03/2021

Industrial maintenance, manufacturing of piping and boiler making

Main features:

  • Business: Industrial maintenance, manufacturing of piping and boiler making.
  • Location: Headquarters (93) – Operating location (76)
  • Headcount 31 employees
  • 2018 revenues: 4,58 M€ – 2019 revenues: 2,71 M€
  • Deadline for submitting bids: 22/03/2021

Menuiserie

Carpentry 

Main features:

  • Business: Holding : Administrative services  – Subsidiary: Carpentry work on collective housing sites and purchase order contracts (housing maintenance and upkeep).
  • Location: Rhône-Alpes
  • Headcount 1 employee in the holding company and 26 employees in  the subsidiary
  • 2019 revenues: 3,48 M€
  • Deadline for submitting bids:  26/03/2021

transport routier

Road transportation

Main features:

  • Business: Activity of transport of heavy goods vehicles of 3,5 tons.
  • Headcount 28 employees
  • 2019 revenues: 3,7 M€ – 2018 revenues: 3,2 M€
  • Deadline for submitting bids: 05/04/2021

Car refinish Lemasson

Main features:

  • Business: Manufacturing and installation of industrial bodywork for trucks and vans. Assembly and mounting of kits on chassis, repairs, painting.
  • Location: Rezé (Loire-Atlantique)
  • Headcount 14 employees
  • Company registration number: 504 935 289
  • 2020 revenues: 2,8 M€
  • Deadline for submitting bids:  19/03/2021

SAS IPSA

Main features:

  • Business: Holding de :
    – SASU Analytic biosurgical solutions : manufacture of medical-surgical and dental equipment.
    – SAS LC1802 : cosmetics sector – Manufacturing of essential oils
  • Location: Saint Etienne (Loire)
  • SASU ANALYTIC BIOSURGICAL SOLUTIONS : Headcount 21 employees
    SAS LC1802 : Headcount 26 employees
  • Company registration number: SAS IPSA : 830 682 795
  • 2019 revenues: SASU ANALYTIC BIOSURGICAL SOLUTIONS : 2,4 M €
    March to August 2020 revenues: SAS LC1802  : 887 K€
  • Deadline for submitting bids:  06/04/2021

renovation

SARL Couvratout

Main features:

  • Business: commercial or industrial real estate renovation related to the activities of general contractor of all building trades.
  • Location: Saint Etienne-du-Rouvrais (Seine-Maritime)
  • Headcount 13 employees
  • Company registration number: 799 288 725
  • 2019 revenues: 1,78 M€ – 2018 revenues: 2,9 M€
  • Deadline for submitting bids: 16/04/2021

demenagement

Marcelin et compagnie

Main features:

  • Business: Road transport / Moving
  • Location: Gap (Hautes-Alpes)
  • Headcount 24 employees
  • Company registration number: 324 969 419
  • 2020 revenues: 1,7 M€ – 2019 revenues: 1,4 M€
  • Deadline for submitting bids: 31/03/2021