Hiolle Industries is an industrial group with its historical base in northern France. It has been providing services to industry since 1976. In addition to maintenance – the Group’s traditional core business – it has expanded into numerous other industrial activities.
Hiolle Industries’ main areas of activity today are the production of wiring harnesses, the manufacture of industrial components, and after-sales service and maintenance, primarily relating to the products supplied.
In 2021, the Group had more than 800 employees and generated a turnover of €89 million.
The Group divides its activities into two main divisions: ‘Rail and Aerospace’ and ‘Services and Environment’.
Hiolle Développement, the main member of the family consortium, filed a draft simplified public takeover bid on 4 May 2022 through Crédit Lyonnais, to be followed, if the necessary conditions are met, by a mandatory delisting procedure (the Hiolle family group declared to the AMF that, on 28 June, it had exceeded the 90 per cent threshold of voting rights, and then, on 1 July, the 90 per cent threshold of the share capital of Hiolle Industries).
The offer price of €4.70 represented a premium of approximately 30 per cent compared with the last quoted price on 3 May 2022.
SORGEM Evaluation was appointed as the independent valuer for the transaction, to analyse whether the financial terms of the offer were fair to the company’s shareholders. To this end, we analysed, in particular, the historical and forward-looking data relating to the company and its market. Our valuation opinion was based in particular on our valuation work using the discounted cash flow (DCF) method and market multiples of comparable companies, as well as on an analysis of the share price.
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