Distressed acquisition opportunities – October 2023

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).

		Minelli Main features: Business: Retail sale of shoes and leather goods. Location: 102 shops in France and 8 shops abroad Company registration number: 413 157 306 2023 revenues: 67,7 M€ Headcount 550 employees Deadline for submitting bids: 08/11/2023
		OOGarden Main features: Business: The leading online retailer of outdoor furniture and gardening products, organised into 7 categories: garden, children, swimming pool, gardening, terrace, kitchen and pets. Location: Ambérieu-en-Bugey (Ain) Company registration number: 488 055 393 CA 2022 : 54 M€ Headcount 104 employees Deadline for submitting bids: 16/11/2023
		SAS François Fondeville Main features: Business: Construction company specialising in building and public works. Location: 4 sites: Perpignan (Pyrénées-Orientales), Saleilles (Pyrénées-Orientales), Montpellier (Pyrénées-Atlantiques) and Marseille (Bouches-du-Rhône) Company registration number: 381 293 463 2022 revenues: 53,2 M€ – 2021 revenues: 49,9 M€ – 2020 revenues: 49,6 M€ Headcount 231 employees Deadline for submitting bids: 27/10/2023
		Industrial glassware Main features: Business: Industrial glassmaking (specialising in pressed glass). Location: Eure 2024 revenues (estimated) : 27 M€ Headcount 220 employees Deadline for submitting bids: 23/10/2023
		De Biasio Main features: Business: General masonry – General building contractor. Location: Val de-Reuil (Eure) Company registration number: 327 085 460 2022 revenues: 14,2 M€ Headcount 24 employees Deadline for submitting bids: 31/10/2023
		Le Quotidien Main features: Business: Reunion Island’s leading daily press, with an average daily circulation of 15,600 copies. Location: La Réunion Company registration number: 393 614 029 2022 revenues: 10,6 M€ – 2021 revenues: 10,5 M€ – 2020 revenues: 10,8 M€ Headcount 53 employees Deadline for submitting bids: 15/11/2023
		Cirque Photo Vidéo Main features: Business: Buying and selling products, articles and accessories related to photography, video and image processing. Location: Paris Company registration number: 401 712 377 2023 revenues: 5,2 M€ – 2022 revenues: 5 M€ – 2021 revenues: 4,7 M€ – 2020 revenues: 7,9 M€ Headcount 8 employees Deadline for submitting bids: 07/11/2023
		Freight and local road transport Main features: Business: Freight and local road transport. Location: Chennevières-sur-Marne (Val-de-Marne) 2022 revenues: 5,2 M€ – 2021 revenues: 4,3 M€ – 2020 revenues: 3,2 M€ Headcount 31 employees Deadline for submitting bids: 18/10/2023
		Freight transport Main features: Business: Freight transport. Location: Saint-Jean-de-Tholome (Haute-Savoie) 2021 revenues: 3,9 M€ – 2020 revenues: 3,9 M€ – 2019 revenues: 5,1 M€ Headcount 25 employees Deadline for submitting bids: 30/10/2023
		Industrial and professional kitchens Main features: Business: Design, production, sale and maintenance of industrial and professional kitchens (all equipment and accessories) for local authorities. Location: Gironde 2022 revenues: 3,4 M€ Headcount 23 employees Deadline for submitting bids: 20/10/2023
		Structural work company Main features: Business: Structural work company. Location: Noisy-le-Grand (Seine-Saint-Denis) 2022 revenues: 3,2 M€ Headcount 11 employees Deadline for submitting bids: 06/11/2023
		Heating and air conditioning equipment, stove and pellet sales Main features: Business: Installation of heating and air-conditioning equipment, sale of stoves and pellets. Location: Provence Alpes Côte d’Azur Headcount 10 employees Deadline for submitting bids: 19/10/2023
		IT systems and software consultancy Main features: Business: Company specialising in IT systems and software consultancy. 2022 revenues: 2,7 M€ Headcount 18 employees Deadline for submitting bids: 23/10/2023
		Last mile services Main features: Business: Last-mile” subcontracted services or direct delivery throughout the country for local customers. Urgent deliveries or regular shuttles. Location: Loir-et-Cher 2023 revenues: 2,2 M€ Headcount 28 employees Deadline for submitting bids: 13/10/2023