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Weinberg Capital Partners links up with Patrice Jacquelin to acquire Sasa Industrie

After acquiring a 60% stake, WCP will launch a tender offer for the outstanding shares at €41.50 per share

Weinberg Capital Partners has linked up with Patrice Jacquelin, Chairman of Sasa Industrie's Management Board, to acquire Sasa Industrie, a leading manufacturer of baking equipment for bakeries and the food industry in general.

Sasa Industrie is listed on Eurolist Compartment C of Euronext Paris (ISIN code: FR0000060378)

The transaction is expected to take place in three stages:

  • Patrice Jacquelin and Roger Messio, Sasa Industrie's founder and Chairman of the Supervisory Board, have agreed yesterday to sell their 60% stake in Sasa Industrie to a holding company of which WCP owns 54%, Patrice Jacquelin 43% and two Sasa Industrie managers 3%. Roger Messio's 36% stake will be acquired for €41.50 per share and Patrice Jacquelin's 24% stake for €40.26 per share.
  • Between now and end-January 2007, after the controlling 60% stake has been acquired, the holding company controlled by WCP will file with France’s Autorité des Marchés Financiers its proposed simplified takeover bid, through which it plans to acquire the remaining shares at €41.50 per share.
  • By 1 July 2007, Sasa Industrie's consumer business, which is structurally loss-making and accounts for around 25% of the company's sales, will be spun off and then sold to Patrice Jacquelin for a price close to its book value.
    Sasa Industrie's Supervisory Board met yesterday and approved the transaction, as well as the planned sale of the consumer business.

The deal values 100% of Sasa Industrie's capital at €92.6m. Taking into account the company's net cash position, this gives an enterprise value of €80.7m. The offer price of €41.50 represents a premium of 24% to the last quoted price, 28.3% to the average price over the last three months, 30.9% to the average price over the last six months and 27.5% to the average price over the last 12 months.

In accordance with stockmarket regulations, Sasa Industrie will appoint an independent appraiser to provide a fairness opinion on the offer price and the transaction’s financial conditions.

After the transaction, Patrice Jacquelin will be appointed Sasa Industrie's Chairman and CEO.

Serge Weinberg commented: "Sasa Industrie has leading positions in its business areas, both in France and internationally. WCP is very pleased to be investing in this company alongside Patrice Jacquelin, and intends to help Sasa Industrie develop its business. "

Patrice Jacquelin commented: “For the last seven years, I have had the honour of working closely with Roger Messio, Sasa Industrie's founder and long-standing leader. I would like to pay tribute to his vision and his qualities as a major industrialist, which have enabled Sasa Industrie to become the world leader in most of its strategic business segments.
I have decided to invest alongside Weinberg Capital Partners because they have displayed excellent understanding of manufacturing companies and are fully aware of the issues involved in managerial transition at a time when Sasa Industrie is embarking on a new phase in its history. " 

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