Tarsus Group sells its French portfolio

Tarsus Group plc has sold Tarsus France Holdings SAS to Magellan VI SAS for €9.2 million (approximately £6.6 million). The Disposal supersedes the 8 January 2014 announcement, when the Group said it was selling of up to 18% of the French Business to CRG Consulting SAS. See Fusion DigiNet reporting here.

The French Business, which owns a broad portfolio of exhibitions and conferences in France covering sectors including education, marketing, IT and the events and meetings industry, generated a profit before tax for the year ended 31 December 2014 of €0.9 million (approximately £0.6 million) and, as at 31 December 2014, had gross assets of €24.7 million (approximately £17.7 million).

Tarsus will receive €9.2 million (approximately £6.6 million) in cash. €7.2 million (approximately £5.2 million) will be received at completion and a deferred payment of €2.0 million (approximately £1.4 million) is expected to be received prior to 31 December 2016 (the “Deferred Consideration”). The Consideration is subject to customary financial adjustments to reflect the amount of net financial debt in the French Business at completion of the Disposal. Payment of the Deferred Consideration is subject to fall-back arrangements which provide for the Group to take majority control of the Purchaser if the Deferred Consideration is not paid in cash by 31 December 2016, but the Company does not expect those arrangements to be implemented.

Magellan VI SAS is owned 50.03% by CRG and 49.97% by Fonds de Consolidation et de Développement des Entreprises II. Romuald Gadrat, previously managing director of Tarsus France Holdings SAS, owns 80% of the share capital and voting rights of CRG, with the remaining 20% held by Claire Gadrat.

UK, London & France, Paris

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