MORY’s CEO Alain Bréau announced the strengthening of the group holding’s equity.
MORY’s CEO Alain Bréau has announced the strengthening of the group holding’s equity.
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Mory Group: Press release from Alain Breau
MORY confirmed the launch of an operation aiming to strengthen the equity of the holding, after re-capitalization of its subsidiary MORY TEAM late last December.
This new operation, agreed by all MORY group shareholders, totals EUR 35M split as follows:
– EUR 15M capital increase, raising from EUR 28 M to EUR 43 M
– EUR 20M of subordinated convertible bonds, of near common equity nature.
At the end of the operation, which will take place over the next few weeks, managers will hold 65 pct of the capital and half of the convertible bonds, whilst the two investment funds (Bridgepoint and Barclays) that support the company since 1999 will hold 35 pct of the capital and the other half of the convertible bonds.
Through this transaction, shareholders renew their support and confidence in the future of MORY group, especially for 2008 which will see consolidated sales exceed 1 billion euros, i.e. twice that of 2000.
Recent securing of major contracts in transportation and logistics, as well as growth of overseas subsidiaries, along with tariff increase needed on the French market will allow MORY group to return in 2008 to profitability rates it had in the years 2000 to 2005 (i.e. 2 pct of EBIT/turnover).
As previously announced, in order to further strengthen their commitment to their company’s performance, group profit centre managers will then be sought to enter the capital of the group main operating subsidiaries.
Through these legal and financial operations, MORY group intends to establish the foundation of a 3 year development plan (2008-2010) which will allow the group to continue expansion in France and abroad in transportation and logistics, whilst ensuring its independence and home control.
This 3 year plan will be presented and discussed in detail in April.
Read MoreMory Group: Press release from Alain Breau
The negotiations that were engaged a few weeks ago with a stranger company, concerning the MORY TEAM messagerie network, will not bring to an accord on a juridical or financial aspect, as both parties did not reach an agreement on these points.
The company strategy for developing, performing and remaining independent will hence be pursued through a common agreement between its CEO Alain BREAU, its financial partners Bridgepoint and Barclays, and operational management (regional managers and subsidiary managers), that will be associated to MORY TEAM capital, in the scope of an increase of the capital cover of this company, which is the main subsidiary of MORY holding.
MORY GROUP specifies that the various operations that happened in 2006 and 2007 allowed it to increase its capital cover by 22 pct, reaching now 61 million euros.
The gearing (total debts (including LBO senior debt) / capital cover) has increased in the meantime from 1,52 pct to 54 pct.
The Administration Board confirmed its full confidence in the MORY GROUP future, which doubled its size between 1999 and 2007, and which is now directly settled in 15 European countries, North Africa and Central Asia.
Read MoreMory Group sets up in Asia
Mory Group keeps widening abroad, by directly opening wholly owned offices in Asia, through Mory Overseas Asia entity.
Mory Group strengthens its positioning as a major player in Overseas transportation, by being now settled in Hong Kong, Shanghai and Ningbo.
With common activities of Sea Freight and Air Freight, the Mory Overseas Asia offices also offer you logistics services as well as extra-services (purchase / sale of textile quotas, managed by the Hong Kong office, which is also an accountant centre Hkg / China), and guarantee you an optimal service level (Class A International license).
Mory Overseas Asia also provides you the physical presence of professionals and experts, who perfectly know the cultural and administrative habits of each country, in each of our offices.
You hence have the guarantee that each transportation order is managed by a known contact, who has the expertise of his sector, and who is available and reachable at any time.
Finally, Mory Overseas Asia gathers a whole network of Agents in China, in the main ports and airports.
Read MoreMory Group strengthens its positions in North Africa
In order to strengthen its position in North Africa, Mory Group –which is already managing a logistics warehouse in Tunisia- just opened a new warehouse located in Casablanca, Morocco.
The Governor of the Moroccan King as well as numerous local officials was there, in order to inaugurate with the CEO Alain Beau, on the 14th of June, this new tool which is at the state of the art.
It is a real bet on future that is done today, which becomes reality trough the opening of additional 10,000 square meters. This customs-friendly warehouse allows Mory Group to offer its customers (from the textile industry, as well as pharmaceutical and automotive ones) services such as accustoming, transit and goods moving.
Mory Group thus offers its customers, through its Mory LDI subsidiary, a global offer, in the scope of an integrated network, which will guarantee to pursue the 30 to 40 pct growth from latest years.
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