PARIS — Alès Groupe has a new owner: investment holding concern Impala.
On Thursday, the Paris Commercial Court decided, as part of a disposal plan, to sell the assets of Alès Groupe to Impala SAS, the holding company of French industrial group Impala that’s owned by Jacques Veyrat and his family.
The purchase price was 13.5 million euros.
Alès’ hairdressing division, which includes Franklin Roosevelt Coiffure et Beauté and its subsidiaries Laboratoires Ducastel, Alès Groupe Distribution, Boy-Diffusion and Distri-Coiff, are to be taken over by the group’s current managers in accordance with the offer they jointly filed with Impala.
Impala has other cosmetics holdings, including Roger & Gallet, which it purchased from L’Oréal earlier this year and which is sold in the same distribution channels as Alès Groupe brands Lierac, Phyto and Jowae.
Ninety-seven of 102 Alès Groupe employees’ jobs are to be maintained as will its French subsidiaries for 24 months.
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Alès Groupe shares’ listing on the Euronext Growth market are to remain suspended until the company’s liquidation.
Alès Groupe, which has been hit hard by the coronavirus pandemic, entered into administration proceedings in July.
The family-owned company was facing severe liquidity issues. On June 30, while publishing its 2019 results, the group said at the end of May it had a cash balance of around 14.8 million euros and financial debt of about 96.8 million euros.
“In this context, the group is facing a significant need for liquidity and is continuing in this framework the sale and leaseback process of some of its real-estate assets and the strategic review of its assets,” Alès Groupe said in a statement at the time.
The group’s sales last year gained 2.7 percent on a like-for-like basis to 208.6 million euros. Meanwhile, Alès Groupe’ profits were down 39.1 million euros in 2019, versus a decline of 15.4 million euros in 2018.
Alès Groupe said its activity has been seriously impacted by the COVID-19 crisis that resulted in a distribution freeze in almost all European countries, followed by the U.S.
On Wednesday, Alès Groupe said in a statement that three takeover offers had been filed in the Paris Commercial Court. They were from Impala, the Nextstone/Naxicap consortium and Pyramides VII, a Dzeta subsidiary.