Groupe Flo attracts interest from Le Duff, Groupe Bertrand, Neopar and Butler Capital Partners – report (translated)
02 MAR 2017
Groupe Flo [EPA: FLO], the listed French troubled restaurants group, is understood to have attracted the interest from several potential buyers, French daily Le Figaro reported. The unsourced report said that the interested would-be buyers include private equity house Butler Capital Partners and competitor Groupe Bertrand, while France’s Le Duff and turnaround fund Neopar are believed to be eyeing parts of the business only.
Butler Capital Partners was a shareholder in Groupe Flo from 2002 to 2005, when it sold its shares to billionaire Albert Frere and made a capital gain of EUR 58.5m, the report noted.
Butler Capital Partners was a shareholder in Groupe Flo from 2002 to 2005, when it sold its shares to billionaire Albert Frere and made a capital gain of EUR 58.5m, the report noted.
Groupe Flo already announced that it had reached an agreement with its financial partners, taking into account the current difficult situation of the catering sector and its impact on the company's performance and cash position, to suspend various rights under existing credit agreements to the end of April 2017, including the repayment of principal amounts during this period, and the introduction of a new line of credit of EUR 6.2m provided by its reference shareholder Financière Flo, a credit line which will be repayable at the end of April 2017, based specifically on the proposed disposal of assets.
Groupe Flo reported an operating loss of EUR 13.9m on revenues of EUR 266.6m in 2016, down 9.5% compared to the previous year.