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Orsero acquires two French company

The Ligurian group buys Blampin for €32M and Capexo for €44.6M

Orsero has signed two important exclusive agreements for the purchase of two French companies. The first concerns 80% of the capital of Blampin, the operating holding at the head of a group focused on the wholesale distribution in France of high-end fresh fruit and vegetables. Distribution takes place through a network of sales platforms located in the main general wholesale markets. The "fixed consideration" for 80% of the capital is expected to be 32 million euros. 

The second acquisition is that of 100% of the share capital of Capexo, an operator specializing in the import and marketing in France of a large basket of exotic fruit and vegetables under the Lilot Fruits brand. The closing of the transaction could take place "during the last quarter of 2022". 

The consideration for the acquisition of Capexo is equal to 44.6 million euros, of which 33 million "from to be paid at the closing date "while 11.6 million" will be paid as an earn-out, in three annual installments of the same amount, subject to the achievement of profitability targets set for the three financial years which will end on June 30, 2023, 2024 and 2025 respectively ". 

The two acquisitions, the Company informs, are in line with Orsero's strategic guidelines which envisage, alongside the organic growth of the distribution business, the implementation of m & a operations to complete and strengthen the product portfolio, geographical coverage and that of distribution channels. 

More specifically, the acquisition of Capexo, more concentrated in distribution to large-scale distribution, will allow the Ligurian group to expand the range of products available, rebalancing the product mix marketed in France, strengthening its competitive positioning in the exotic fruit sector, a specialist segment in strong growth and characterized by above-average prices and high profitability. 

Blampin, with its direct presence in the main general wholesale markets thanks to 12 sales platforms, will allow the Ligurian group to position itself in a sales channel that is currently not very controlled by Orsero in France. 

The two acquisitions should make it possible to reposition the geographic mix of the distribution business unit, bringing France to a percentage weight in terms of revenues "dimensionally aligned with that of Italy and more appropriate to the economic and demographic importance of France". 

Blampin and Capexo, according to the Ligurian company in an official press release, "will maintain the usual profile of independence that the group recognizes its subsidiaries: the current main shareholders will maintain an active role in the management of their respective activities".

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EFA News - European Food Agency