(Boursier.com) — clip rose 2.8% to 58 euros on Wednesday, as management and the Puech family group signed an agreement for Clasquin to acquire the Timar Group. The parties have entered into exclusive negotiations for the acquisition by the Clasquin Group of 63.57% of the capital and voting rights of Timar SA held by members of the Puech family group.
This takeover would be followed by a mandatory tender offer for the balance of Timar’s capital.
Timar is a Moroccan Group listed on the Casablanca Stock Exchange, directly present in Europe, North Africa and West Africa. For almost 40 years, it has been designing innovative solutions in the fields of international transport, logistics and the transit of goods. Created in 1980, in 2021 it generates more than 540 million dirhams of consolidated turnover, or about 50 ME. The group share of the net profit is 12.3 million dirhams, or about 1.12 ME. It is made up of 13 subsidiaries located in Morocco, France, Portugal, Spain, Tunisia, Mauritania, Mali, Senegal and Ivory Coast and has 450 employees.
By collaborating for more than 30 years on their France-Morocco flows and especially since the acquisition of LCI by the Clasquin Group in 2015, the two groups have significantly accelerated their development and strengthened their commercial relations. The proposed transaction would allow the Clasquin Group to benefit from:
– Experienced and committed Timar Group teams to strengthen Clasquin Group’s Road Brokerag / Ro-Ro division;
– the extension of the offer of services to the European/Maghreb markets for the benefit of the customers of the new entity;
– a strong positioning and brand in the Maghreb to strengthen the group’s development strategy in the Euromed area;
– an integrated network of branches operating in sub-Saharan Africa.
The goal will be to preserve the identity of the Timar Group and its subsidiaries and allow for their development over time. Olivier Puech will continue to provide the overall direction of Timar with the management teams.
The completion of the transaction is subject to the prior authorization of the Moroccan authorities (Competition Council). Without prejudice to the ongoing negotiations and the revocation of the conditions precedent, the completion of the transaction is expected during the first half of 2023.
“We believe that this acquisition should be positive for Clasquin and fully in line with its development/diversification strategy” comments Portzamparc who recalls that at the close of 17/01, TIMAR was trading on 2021 EV/EBIT ratios of 4x against 5.3x for Clasquin, “which could allow an acquisition on relatively favorable multiples”. Verdict: “We maintain our ‘Buy’ recommendation with a target price of 79.20 euros.”
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