Sequana's Antalis reaches agreement with BIC on sale of its promotional products business; plans to refocus on B2B distribution of paper, industrial packaging
Sandy Yang
PARIS
,
December 24, 2008
(press release)
–
Sequana’s specialised distribution subsidiary Antalis and the BIC group have reached an agreement concerning the sale of Antalis’s Promotional Products business.
This disposal is in line with the strategy of refocusing Antalis on its core business line of B-to-B distribution of paper and industrial packaging. The deal is based on an Enterprise Value of around Euro 33 million to which is added an additional earn-out payment of up to Euro 5 million payable in 2010 based on the level of sales generated by the business in 2009. Antalis’s Promotional Products business is involved in the marketing and distribution of promotional and corporate gifts, serving a client base of specialist resellers. It has operations in Germany, Spain, France, the Netherlands, Italy and China (purchasing offices and quality control) and is one of the market leaders in Europe. With 320 employees, it should generate sales of around Euro 90 million in 2008. The disposal is expected to be completed by the first quarter of 2009, after the signing of a definitive agreement and receiving the necessary merger control clearances.
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