Gaussin: takeover bid for Metalliance subsidiary

(CercleFinance.com) - Gaussin announced on Thursday that it had received an offer to take over the assets and business of its subsidiary Metalliance, which specializes in logistics equipment for the rail and road construction sectors.


The offer was made to the receivers of Metalliance, which was placed in receivership in May, and is supported by Corail-SM, a company specially created for the takeover project.

Its main shareholders are Coral Reef Capital, an American private equity firm, and a consortium of local and foreign companies including Blyyd, Mining Equipment, Novium and Sandton Capital.

The sale price is set at one million euros, broken down into 900,0000 euros for all inventories, 50,000 euros for tangible assets and 50,000 euros for intangible assets.

The takeover bid would be broken down into two new entities, which would take charge of Metalliance's tunnel-boring and low-carbon mobility activities respectively.

It is planned that 49 jobs will be lost, and that the lease on the Génelard (Saône-et-Loire) industrial site will not be retained.

While the total financing requirement for the takeover and development of Metalliance's activities is estimated at four million euros, the buyer would commit to mobilizing a sum of 54 million euros.

In a press release, Gaussin states that it has written to Metalliance's insolvency administrators, considering that Corail-SM's offer was likely to infringe its intellectual property.

In its opinion, the project involving Blyyd, its former exclusive distributor, would aim to produce competing electric logistic vehicles using a stock of components built up by Metalliance as part of an order for Gaussin vehicles.

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