M&A Activity • Mar 25, 2009
M&A Activity
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Paris, 25 March 2009 – Manutan Group, one of the key players for the distance-selling of industrial and office equipment and consumables, announced today the acquisition of CAMIF COLLECTIVITES, the reference for public sector and none-profit buyers. This transaction was fully financed by the Group's own funds.
Based in Niort, France, CAMIF COLLECTIVITES was set up in 1983. CAMIF COLLECTIVITES is the second French distributor to public buyers and a significant player in the education sector. Its business model is based on its capacity to equip all or part of a public institution due to its extensive product range and a recognised expertise as a lead contractor.
CAMIF COLLECTIVITES realised turnover of € 142 million in its last financial year ended 31 December 2008 through distance-selling by catalogue, its branch network and the Internet. Nearly 50% of turnover was generated by furniture sales (office, educational, community services). The company reported an operating profit of almost € 3 million for its last financial year. Note that 2008 results were adversely affected by the general economic slowdown and the difficulties experienced by CAMIF SA since the end of October 2008.
The integration of CAMIF COLLECTIVITES within the Manutan Group will be based on synergies with other Group entities, in terms of customer base, products and distribution channels. The Manutan Group will strive to develop CAMIF COLLECTIVITES' turnover and improve its profitability, in particular by developing new offerings, as in the medical and social sector and pooling purchases that can be made in common. In addition, Manutan Group will provide its strong financial support to CAMIF COLLECTIVITES, as well as its expertise in order to ensure its future and the development of its operations.
Christophe Bureau, Chairman of the Management Board of CAMIF COLLECTIVITES, commented: "We are pleased to join the Manutan Group. This transaction will strengthen our position in France. The opportunities of exchanging expertise at a European level are strengths we will draw on to ensure the new stage of our development".
Jean-Pierre Guichard, Chairman of the Management Board of MANUTAN INTERNATIONAL, declared: "This acquisition will enable the Group to strengthen its position in France and in Europe. It comes within the framework of the Group's long term development and aims at positioning Manutan as the European generalist for the distance-selling to corporate customers and local authorities."
Manutan Group is the French leader and a main European player for the distance-selling of industrial and office equipment and consumables to all types of businesses and local authorities. Manutan Group is established in 20 European countries through 23 subsidiaries and achieved 2007/2008 turnover of € 502.5 million, of which more than 50% outside France.
Manutan International shares trade on Compartment B of the Euronext Paris Stock Exchange and is a component of the CAC Small 90 and SBF 250 indices. ISIN code: FR0000032302-MAN.
Contact: Sebastien Vernimmen – + 33 (0)1 53 33 40 25 [email protected]
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