Acquisition of a 21.13% stake in Groupe SAMSE by Dumont Investissement
FR
IE
Sycomore Corporate Finance acted as exclusive financial advisor to Groupe SAMSE and Dumont Investissement
Within the context of the Transaction, Dumont Investissement announced the opening of its share capital, through a capital increase, to new shareholders, including major French financial investors (entities of Groupe Crédit Agricole and of Groupe Crédit du Nord), industrial players (Groupe Vicat), as well as a number of historical partners and individual investors. The proceeds of this capital increase, which represented around 15% of the share capital of Dumont Investissement, were used to finance part of the Transaction, the remaining part, being financed through the implementation of loans at Dumont Investissement level, granted by major French banks.
Furthermore, Dumont Investissement, supported by its historical shareholders, both families and employees, and its new shareholders, announced that it will open its share capital to its managers (for up to 2%) and organise the exit of some of its historical shareholders (for up to 30% of its share capital) before the end of the year.
Rationale
SAMSE is a leading French company specialized in the distribution of building materials and equipment for both professionals and individual customers. It operates on 2 complementary segments: wholesale business and DIY business; and distributes its products through an extensive network of over 350 outlets covering 55 departments in France. SAMSE conducts its operations through a portfolio of 25 brands and employs over 5,440 people. In 2018, SAMSE reported €1,427m of revenues and €87m of EBITDA. It is listed on Euronext Paris.
Dumont Investissement, a holding company, is the historical majority shareholder of SAMSE. It was set-up in 1988 within the framework of the RES (“Reprise d’Entreprise par ses Salariés”) implemented by SAMSE’s employees. Following the transaction, it currently holds 77,30 % of SAMSE’s capital.
Building Materials Europe (BME) (previously CRH Europe Distribution) sells building materials to professional builders, specialist heating and plumbing installers and consumers through a large network of outlets operating under trusted local and regional brands. The Group is active in two main business areas: General Builders Merchants (GBM) and Sanitary, Heating and Plumbing (SHAP). Additionally, there are DIY activities in some of the countries. BME Group employs more than 9,000 employees in over 550 locations in 6 countries. BME was acquired by Blackstone from CRH on July 16, 2019.
Blackstone, founded in 1985 and listed since 2007, is a leading global alternative asset manager with over $571bn in assets under management as of December 2019. It operates through four distinct segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.