PRESS RELEASE: Bigben enters into exclusive negotiations with HF Company to acquire Metronic
20 August 2021 - 06:00PM
PRESS RELEASE: Bigben enters into exclusive negotiations with HF
Company to acquire Metronic
Bigben
Press release
Lesquin, 20 August 2021, 18:00hrs
Bigben enters into exclusive negotiations
with HF Company to acquire
Metronic(Home Digital
Life division of
HF Company)
Bigben announces that
it has entered into exclusive negotiations
with the HF Company
Group to acquire its
METRONIC subsidiary. METRONIC, the
European leader in image processing and
specialised in the connected world of audio-video,
would join
Bigben's Audio Telco Business. This new strategic
operation would allow Bigben
to reinforce its Audio Telco
Business with the ambition of exploiting new markets and
territories.
METRONIC, a strong position in connected
audio-video
METRONIC is a subsidiary of the HF COMPANY
Group, whose shares are traded on Euronext regulated market in
Paris (currently being transferred to Euronext Growth).
HF Company has initiated a process to sell its
Home digital Life division, consisting of METRONIC (France) and its
Italian and Spanish subsidiaries. This division posted 24 M€ sales
and a 1.9 M€ EBITDA at 31 December 2020.
Founded in 1987 by Yves Bouget, METRONIC is a
renowned company that has developed numerous innovative
products.
METRONIC designs and distributes innovative
products for broadcasting and receiving images at home (TV and
audio accessories, amplifiers, decoders, connectors, headsets,
speakers, etc.) as well as telephone accessories and audio
products. METRONIC brand products are distributed in Europe through
a variety of channels, including the largest national retailers in
each country.
METRONIC has approximately 90 employees in France (Tours), Spain
(Barcelona) and Italy (Milan).
Many synergies between the two entities
By acquiring METRONIC, the Bigben Group would
add a renowned player to its portfolio, which would make a
significant contribution to the development of its Audio/Telco
business, particularly with regard to professional customers
(BtoB).
This operation would thus provide the Bigben
Group's Audio/Telco division with a new vector for growth and would
offer numerous synergies:
- Complementarity of ranges and distribution networks
- Referencing in channels that Bigben has not yet exploited to
any great extent (BtoB markets, large DIY stores, etc.)
- Acceleration of international development, in particular in
Italy and Spain thanks to dedicated subsidiaries
- Balance sheet strength of Bigben's Audio Telco business
enhanced by METRONIC's assets.
Mr. Eric Tabone, current President of METRONIC, would continue
to manage METRONIC with a high degree of autonomy in order to
pursue and accelerate METRONIC's current development strategy.
A new step towards becoming one of the major European
Audio Telco players
In accordance with the commitment Bigben made to
its shareholders in February 2021 when issuing a bond that raised
87.3 M€, the Group would confirm its external growth strategy with
the acquisition of METRONIC.
By welcoming METRONIC, a well-known player in
the Audio Telco industry, into its fold, Bigben would be laying the
groundwork for its ambition to become a major European player in
Audio Telco.
Terms of the transaction
On 20 August 2021, Bigben Interactive and the HF
Company Group entered into exclusive negotiations to acquire the
Home digital Life division of HF Company, consisting of METRONIC
(France) and its Italian and Spanish subsidiaries.
The transaction price, fully paid in cash, could
be set at around 12.0 M€ for 100% of the share capital and voting
rights of METRONIC.
Two capped earn-outs could be paid in cash in
2023 and 2024 up to a total aggregate amount of 4.0 M€.
The Board of Directors of the HF Company Group
has already validated this proposal which will be submitted for the
approval of its shareholders at a General Meeting which could be
held by the beginning of October 2021.
The Board of Directors of Bigben Interactive has
approved the entry into exclusive negotiations with HF Company as
well as the principles of the transaction and will meet again upon
final closing of the transaction.
The final completion of the transaction,
scheduled to take place in early October 2021, remains subject to
the usual conditions’ precedent in force for this type of
transaction.
Upcoming events:Q2
2021/22 Sales: 25 October 2021, Press release after close
of the Paris stock exchange
ABOUT BIGBEN
INTERACTIVE |
SALES
2020-21292.8
M€ HEADCOUNTMore than 920
employees INTERNATIONAL24 subsidiaries and a
distribution network in more than 100
countries www.bigben-group.com |
Bigben Interactive is a European player in video game
development and publishing, in design and distribution of
smartphone and gaming accessories as well as in audio products. The
Group, which is recognized for its capacities in terms of
innovation and creativity, intends to become one of Europe’s
leaders in each of its markets Company listed on Euronext
Paris, compartment B – Index : CAC Mid & Small – Eligible
SRD longISN : FR0000074072 ; Reuters : BIGPA ;
Bloomberg : BIGFP PRESS CONTACTSCapValue
– Gilles Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50
01 |
- CP_Acquis Metronic_2021_08_diffusion - ENG
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