GROUPE GORGE : Group Gorgé wishes to accelerate its growth and make several acquisitions


In recent years, the group has managed to position itself in promising sectors and has shown high organic growth rates. Accordingly, Baumert saw its turnover in the nuclear sector grow by 400% in five years. CLF Satrem has experienced average annual growth of more than 17% in the last three years and Van Dam, also a fire protection specialist, saw growth of 60% in 2013.

The strong organic growth of the subsidiaries has been reinforced throughout by a dynamic external growth policy (nearly 20 acquisitions in ten years), which has allowed the group to successfully reposition itself on promising markets (robotics, drones, 3D printing, and more).

This momentum of acquisitions seems likely to pick up speed in 2014 with several projects across all the group's activities, including 3D printing. In order to successfully execute this strategy, the group has a strong balance sheet with a cash position of ¤32.8 million and a net debt-to-equity ratio limited to 20%[1]. The recent increase in the share price and volume of traded shares makes it possible to diversify these financial resources by using other funding arrangements to make these possible acquisitions.


Group Gorgé announces the establishment of an optional equity line of financing with Kepler Cheuvreux

This equity financing mechanism has been acted upon an authorization of the General Shareholders' Meeting of 8 June 2012. It particularly suited to Group Gorgé's development strategy, offering flexibility and complementarity alongside the other financing arrangements already in place. It allows successive share capital increases to be made only when needed and under optimum market conditions. Unlike more conventional share capital increases, this solution (made possible by good stock market dynamics) will strictly limit shareholder dilution to the particular needs of the time. It will be used to support growth projects and in the best interests of both the company and its shareholders.

Group Gorgé may request Kepler Cheuvreux to subscribe for new shares which could be issued in tranches over the next 24 months, up to a total of 635,000 shares (4.99% of the current share capital). Kepler Cheuvreux has made a firm commitment to subscribe for shares at Group Gorgé's request only. When implemented, this transaction will also expand the free float, which is still too small for the entry of some shareholders wishing to build significant positions. Should the entire equity line[2]be used, a shareholder holding 1% of the share capital would see his stake drop to 0.95% of the share capital[3].

The price of each equity issue will represent a maximum discount of 5% compared with the weighted average price of the share at that time. This discount will enable Kepler Cheuvreux - which acts as a financial intermediary and is not intended to remain a shareholder of the Company - to guarantee the subscription of shares despite the possible volatility of financial markets.

Bpifrance, a shareholder of Groupe Gorgé since 2011, communicated its intention to acquire shares up on each equity issue, in proportion to its shareholding, thereby confirming its intention to continue supporting Group Gorgé in its development strategy.

Groupe Gorgé - Raphaël GORGÉ - President - Tél. : 01 44 77 94 77 - E-mail :
Actus Finance - Anne-Pauline PETUREAUX - Investor Relations - Phone. : (0033)1 53 67 35 74 - mail :
Actus Finance - Jean-Michel MARMILLON - Press Relations - Phone : (0033)1 53 67 07 80 - mail :

Kepler Finance - Thierry du Boislouveau - Managing Director - Kepler Corporate Finance - +33 1 53 65 36 85
- mail :

[1] Non-audited figures at 31 December

[2] Resulting in the issue of 635,000 new shares

[3] On the basis of the 12,731,843 shares comprising Groupe Gorgé's share capital

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