Distressed acquisition opportunities – February 2024

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).

		L’Eau Vive Main features: Business: SAS Eau Vive: holding company and management company, integrating the group’s support functions SARL Bio Club: franchisor of the Eau Vive brand SARL FEV: bakery, production of fresh bread and pastries SNC L’Eau Vive: 16 shops selling fresh and dried organic produce SAS Agua Viva: 1 shop selling fresh and dried organic produce SARL Perspective Bio: 2 shops selling fresh and dried organic produce SAS Vitalvie: 1 shop selling fresh and dried organic produce SAS Viva la Vida: 1 shop selling fresh and dried organic produce Location: SAS Agua Viva : Courbevoie (Hauts-de-Seine), SARL Perspective Bio : Terville (Meurthe-et-Moselle) and Bonneuil-sur-Marne (Seine-et-Marne), SAS Vitalvie : Clermont-Ferrand (Puy-de-Dôme), SAS Viva la Vida : Aubière (Puy-de-Dôme) Company registration number: SAS Agua Viva : 519 780 589 – SARL Perspective Bio : 803 782 267 – SAS Vitalvie : ‌508 029 501 – SAS Viva la Vida : 824 268 551 – Bio Club : 452 135 544 – Eau Vive : 348 706 714 2023 revenues: 46,2 M€ – 2022 revenues: 62,4 M€ Headcount 236 employees Deadline for submitting bids: 22/03/2024
		Alexandre Vauthier Main features: Business: French Haute Couture house. Design and marketing of luxury ready-to-wear garments Location: Paris (Ile-de-France) Headcount 36 employees 2023 revenues: 12,7 M€ Deadline for submitting bids: 08/03/2024
		MMO Main features: Business: Design, industrial manufacture and marketing or rental of products for the medical sector Location: Vitré (Ille-et-Vilaine) Company registration number: 849 577 622 2023 revenues: 7,2 M€ Headcount 57 employees Deadline for submitting bids: 08/03/2024
		SECPIT Main features: Business: A company specialising in plumbing, heating and ventilation for social landlords, public bodies, property developers, property managers and private individuals Location: Gennevilliers (Hauts-de-Seine) Company registration number: 622 004 513 2022 revenues: 5,9 M€ Headcount 20 employees Deadline for submitting bids: 15/03/2024
		Agricultural inputs Main features: Business: Design, manufacture and sale of high added-value agricultural inputs: soil revitalisation products and biostimulants for agriculture Location: Brittany 2023 revenues: 5,7 M€ Deadline for submitting bids: 28/02/2024
		Gecco Main features: Business: Collection and recovery of used edible oils and biowaste / production of biofuel under patent Location: Avelin (Hauts-de-France) Company registration number: 494 492 226 2022 revenues: 4,2 M€ Headcount 23 employees Deadline for submitting bids: 10/03/2024
		Security Main features: Business: Personal and property security, surveillance / Events (hostesses) Location: PACA 2022 revenues: 3,3 M€ – 2021 revenues: 2,4 M€ Headcount 350 employees Deadline for submitting bids: 08/03/2024
		Home help Main features: Business: Private home help and support (SAAD) Location: Vallée du Rhône 2023 revenues: 3 M€ Headcount 184 employees Deadline for submitting bids: 04/03/2024
		Supply and installation of joinery Main features: Business: A company supplying and installing exterior joinery in wood, aluminium and PVC on behalf of property developers in the Rhône-Alpes region Location: Isère 2023 revenues: 2,45 M€ – 2022 revenues: 1,4 M€ Headcount 12 employees Deadline for submitting bids: 04/03/2024
		Home help Main features: Business: Private home help and support (SAAD) Location: Provence 2023 revenues: 2,4 M€ Headcount 135 employees Deadline for submitting bids: 04/03/2024
		Black Up Invest – Black Up Main features: Business: B2B and B2C marketing of cosmetic products for people of colour Location: US subsidiary Company registration number: Black Up : 423 015 494 – Black Up Invest : 823 592 761 2022 revenues: 2,3 M€ – 2021 revenues: 2,7 M€ – 2020 revenues: 2,7 M€ Headcount 14 employees Deadline for submitting bids: 04/03/2024
		Restaurant – Bar – Brasserie Principales caractéristiques : Business: Restaurant, bar, brasserie Location: Gironde 2023 revenues: 2,3 M€ – 2022 revenues: 3,8 M€ Headcount 23 employees Deadline for submitting bids: 06/03/2024
		ACJ TP Main features: Business: On-site crushing and recycling platform (IPCE), recovery, treatment, crushing and grinding of concrete waste and inert materials Location: Héric (Loire-Atlantique) Company registration number: 442 117 974 2022 revenues: 2,2 M€ Headcount 6 employees Deadline for submitting bids: 15/03/2024
		Home help Main features: Business: Social work without accommodation, Children’s Services and Home Help Services Location: Pyrénées-Atlantiques 2023 revenues: 1,9 M€ – 2022 revenues: 2 M€ Headcount 74 employees Deadline for submitting bids: 07/03/2024