Distressed acquisition opportunities – May 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).

		Metex Noovistago Main features: Business: Company engaged in the production of amino acids by fermentation, mainly for livestock Location: Amiens (Somme) Company registration number: 302 607 676 2023 revenues (12-month landing): 127 M€ – 2022 revenues: 221 M€ Headcount 285 employees Deadline for submitting bids: 27/05/2024
		Smallable Main features: Business: Multi-brand e-commerce site (fashion, furniture, home decoration, family toys). Top-of-the-range positioning Location: Paris Company registration number: 503 044 323 2023 revenues: 75 M€ (of which 68% internationally and 30% for major exports (US/APAC/Middle East)) Headcount 94 employees Deadline for submitting bids: 17/06/2024
		Laboratoires Prodene Klint – Institut de recherche microbiologique – GJF Holding Main features: Business: Group of 3 French companies, subsidiaries of an American company, producing and distributing hygiene and skin care solutions Location: Croissy-Beaubourg (Seine-et-Marne) Company registration number: Laboratoires Prodene Klint : 738 200 716 – Institut de recherche microbiologique : 351 422 183 – GJF Holding : 799 744 297 2022 revenues (consolidated): 55,3 M€ – 2021 revenues (consolidated): 60,7 M€ – 2020 revenues (consolidated): 119,2 M€ Headcount 154 employees Deadline for submitting bids: 03/06/2024
		Ecodéchets Main features: Business: Household waste collection for local authorities (door-to-door collection and voluntary drop-off points) Location: East of France, from Lille to Avignon Company registration number: 802 947 432 2023 revenues: 38 M€ Headcount 459 employees Deadline for submitting bids: 28/06/2024
		Ollygan Main features: Business: Retail sale of men’s clothing in specialised shops (61 shops) Location: Aix-en-Provence (Bouches-du-Rhône) Company registration number: 321 591 067 2023 revenues: 22 M€ Headcount 181 employees Deadline for submitting bids: 12/06/2024
		We Audition Main features: Business: Sale of hearing aids, mainly by Signia and Starkey Location: 75 centres, 60 of which are active throughout France Company registration number: 382 844 470 2023 revenues (provisional): 10,9 M€ Headcount 108 employees Deadline for submitting bids: 07/06/2024
		Paul Ka Paris Main features: Business: Design and distribution of top-of-the-range women’s ready-to-wear under the ‘Paul Ka’ brand, created in Paris in 1988.) Location: Paris, Lyon, Strasbourg, Toulouse and Luxembourg Company registration number: 302 077 987 2023 revenues (project): 8,4 M€ – 2022 revenues (22 months): 21,5 M€ Headcount 32 employees Deadline for submitting bids: 07/06/2024
		Dynami Aviation Main features: Business: Portage and air charter Location: Marseille (Bouches-du-Rhône) Company registration number: 479 382 541 2023 revenues (estimated): 8 M€ Headcount 4 employees Deadline for submitting bids: 07/06/2024
		Cleaning company Main features: Business: Cleaning company / Industrial cleaning 2023 revenues: 6 M€ – 2022 revenues: 7 M€ Headcount 295 employees Deadline for submitting bids: 17/06/2024
		Guarding Main features: Business: Structure 1: Human or electronic security and surveillance of movable or immovable property. Structure 2: Support holding company Location: Ile de France, Bordeaux, Nantes, Metz, Douai and Lyon 2022 revenues: Structure 1 : 6,3 M€ – Structure 2 : 673 K€ – 2021 revenues: Structure 1 : 4,4 M€ – 2020 revenues: Structure 1 : 3,5 M€ Headcount 160 employees (Structure 1) and 4 employees (Structure 2) Deadline for submitting bids: 07/06/2024
		Consulting firm specialising in risk management Main features: Business: Consulting firm specialising in risk management, compliance and asset/liability management, with recognised expertise in the banking and financial sectors Location: Suresnes (Hauts-de-Seine) 2022 revenues: 5,9 M€ – 2021 revenues: 5,6 M€ – 2020 revenues: 6,4 M€ Headcount 9 employees Deadline for submitting bids: 05/06/2024
		Fastnet Main features: Business: Installation of networks and telecoms systems Location: Pays de Loire Company registration number: 443 728 563 2024 revenues: 4,2 M€ – 2023 revenues: 4,8 M€ Headcount 31 employees Deadline for submitting bids: 14/06/2024
		Access Bâtiment Main features: Business: Maintenance and repair of residential property (social landlords) / Renovation and fitting-out work on finishing work Location: Var and Bouches du Rhône Company registration number: 788 588 267 2023 revenues: 4,3 M€ Headcount 43 employees Deadline for submitting bids: 10/06/2024
		Prâna Recherche et Développement Main features: Business: Design, manufacture and sale of power amplifiers and microwave systems Location: Brive-la-Gaillarde (Corrèze) Company registration number: 304 826 597 2023 revenues: 3,9 M€ – 2022 revenues: 3 M€ Headcount 25 employees Deadline for submitting bids: 11/06/2024

		Delegation and placement of temporary staff Main features: Business: Company specialising in the delegation and placement of temporary staff in the hotel and catering sector 2023 revenues: 3,4 M€ Headcount 3 employees Deadline for submitting bids: 28/05/2024
		Billon Main features: Business: Design and production of textile solutions (knitwear) with 2 types of services: – Knitting (fashion and technical textiles) – Dyeing Location: Dagneux et Saint-Vulbas (Ain) Company registration number: 491 903 043 2023 revenues: 3,3 M€ Headcount 31 employees Deadline for submitting bids: 30/05/2024
		VME Main features: Business: Renovation of all building trades Location: Annemasse (Haute-Savoie) Company registration number: 788 735 181 2022 revenues: 2,5 M€ – 2021 revenues: 2,4 M€ – 2020 revenues: 2,4 M€ Headcount 27 employees Deadline for submitting bids: 04/06/2024
		Maison Lamorlette Main features: Business: A company that designs, processes, manufactures and distributes (wholesale/half-wholesale and retail) butchery and charcuterie products Location: Embrun (Alpes de Haute Provence) Company registration number: 430 186 460 2023 revenues: 2,2 M€ Headcount 11 employees Deadline for submitting bids: 31/05/2024
		Alxia Main features: Business: Continuing education, apprenticeships and consultancy Location Carros le Broc (Alpes Maritimes) Company registration number: 488 520 693 2023 revenues: 2 M€ – 2022 revenues: 2,3 M€ – 2021 revenues: 2,4 M€ Headcount 30 employees Deadline for submitting bids: 31/05/2024
		Z Holding Main features: Business: Design and sale of footwear Location: Paris and Marseille (Bouches du Rhône) 2023 revenues (project) : 1,8 M€ – 2022 revenues: 2,8 M€ – 2021 revenues: 2,1 M€ Headcount 6 employees Deadline for submitting bids: 03/06/2024
		Caoutchouc Manufacturé de l’Oise (CMO) Main features: Business: Manufacture of rubber parts for the automotive and industrial markets in France and for export Location: Villers Saint Paul (Oise) Company registration number: 311 110 274 2022 revenues: 1,7 M€ – 2021 revenues: 2,2 M€ Headcount 26 employees Deadline for submitting bids: 17/06/2024
		2 patisseries and bakeries Main features: Business: Company operating 2 patisseries and bakeries in the Paris region Location: Meudon and Issy-les-Moulineaux (Hauts-de-Seine) 2023 revenues: 1,3 M€ – 2022 revenues: 1,4 M € Headcount 14 employees Deadline for submitting bids: 07/06/2024
		Bricomarché Main features: Business: Retail trade specialising in household equipment such as DIY, decorating, gardening and pet supplies Location: Montville (Seine Maritime) 2023 revenues: 1,3 M€ Headcount 7 employees Deadline for submitting bids: 31/05/2024
		Parisian restaurant Main features: Business: Iconic Parisian restaurant opened in 1920 – Italian gourmet cuisine Location: Paris 2023 revenues: 1 M€ Headcount 11 employees Deadline for submitting bids: 07/06/2024
		Bakery – Patisserie Main features: Business: Bakery – Patisserie Location: Paris 2023 revenues: 1 M€ Headcount 12 employees Deadline for submitting bids: 10/06/2024