In a strong position following its capital increase of ¤30m, AB Fenêtres Groupe, today, reports having entered into agreement with a view to acquiring a 50% stake in AQ Okna, which is the second largest manufacturer and distributor of joinery fittings in the Czech Republic. AB Fenêtres Groupe has subscribed in full to the AQ Okna's capital increase.
This operation constitutes an important step for AB Fenêtres Groupe's future growth. The Group will thus acquire a second efficient production plant, which will enable it to honour its current order book on the French market, to reduce its production costs by 30% and mechanically improve its operating margin.
Upon completion of this operation, AB Fenêtres Groupe's capital will increase to ¤37 million with ¤2.3 million in debt.
These optimized production means strengthen AB Fenêtres Groupe's competitiveness in the French market and also provide the group with the opportunity to expand into new markets (BtoB retail business, craftsmen, self-employed retailers, home improvement stores) and to increase its mixed network of branches and franchises at the national level. As of 30 June 2007, the AB Fenêtres group comprises a mixed network of 43 sales outlets.
In the short run, AQ Okna is envisaging operations for external growth, with a view to becoming the benchmark company in a rapidly growing market, home improvement in Eastern and Central Europe. AQ Okna aims to achieve sales of more than ¤35m, in 2007, of which 70% from procurement and government contracts. The company employs a staff of 600, has 20 shops, and 3 main production plants that produce 200,000 wood, PVC, aluminium windows/day (or 700 to 800 windows per day). AQ Okna expects, by the end of 2008, to comprise a mixed network of 65 company-owned and franchised stores.
Willy Bernard, Chairman and CEO of AB Fenêtres Groupe said: "This investment enables us to lay the foundations for future European growth, to transform a Franco-French company into a structured European group that is able to grow."
About AB Fenêtres Groupe (www.abfenetres.fr) :
Founded in 2000 by Willy Bernard, Chairman and CEO, AB FENETRES Groupe specialises in the manufacture, distribution and assembly of interior and exterior joinery fittings, doors, windows and other openings (shutters, windows, garage doors, roller blinds, blinds, entrance doors, etc.). The Group's main activity centres on PVC joinery fittings. With a unique business model, spanning the entire length of the value chain (manufacturing, distribution and installation of joinery fittings), the company employs 340 people.
AB FENETRES Groupe achieved sales of ¤11.9 million over the last fiscal year, closed on 30 June 2006, compared with ¤6.3 million on June 2005, meaning a growth rate of nearly 100% per year.
Mnemonic: ALABF / ISIN Code: FR0010385690
|AB Fenêtres Groupe
Chairman & CEO
Sébastien Berret / Agnès Gilbert
+ 33 (0)1 53 67 36 36
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