France's Sernam sells majority stake
Loss-making French express parcels carrier Sernam has sold a majority stake to Paris-based financial investor Butler Capital Partners, the proceeds from which the former SNCF subsidiary says will help expand its services and network.
Butler has taken 51.8 pct of the Sernam holding company, reportedly for EUR 10.7 million, to add to its diverse investments which include the SNCM ferry company, Paris Saint-German football club and mushroom producer France Champignon.
“The entry of a reference shareholder alongside the management team will allow (us) to accelerate the development of the group in key areas, such as the quality of service offered to the group’s clients and strengthening of the network,” Sernam said in a statement.
Butler will hold the majority on the supervisory board, while the management team will continue to be led by Philippe Chevalier, who led Sernam’s management buy-out from SNCF in 2005, the company said.
Sernam, which is one of France’s largest express parcels operators with around 4.5 pct market share, has 2,100 employees and last year registered a loss of EUR 22 million on revenues of EUR 350 million, according to La Tribune newspaper.
