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Created in 2017, Financière Invest is the holding company holding Hervé le traiteur. The company, managed by Houguenade Laurent, employs 17 people and is based in Annoeulin.
The company’s activities are:
The company works with private, professional and institutional clients, representing approximately 500 receptions per year. The breakdown of turnover is balanced between these 3 types of customers.
The company wishes to acquire Delahaye Restauration, a caterer specialising in corporate cocktails and located in the Lille region. In 2016, it achieves a turnover of €392,000 for 230 receptions and generates double-digit profitability.
This acquisition will enable the group to strengthen its offer on corporate cocktails and thus increase activity during the week.
Mr Delahaye wishes to retire and sell his company, Delahaye Restauration, valued at 260 000€. The buyer, via Financière Invest, wishes to borrow € 198,000 to finance the acquisition of the company. The balance being financed by the buyer’s personal contribution.
The amount offered on the platform is limited to 97 020€, which is in compliance with regulatory limits.
Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.
The borrower is a holding company whose income comes from services invoiced to its subsidiaries. The financial analysis was carried out on the accounts of the operating company, Hervé le traiteur, acquired in 2017. The financial statements of Delahaye Restauration are presented in the appendix.
With a turnover of €1,009,000 in 2016 and an experienced team, the company has a good performance record in terms of activity combined with double-digit operating profitability.
The volatility of margins is linked to the lesser involvement of sellers in day-to-day management. In 2016, Hervé Le Traiteur’s negative net result was due to the depreciation of financial assets underwritten by the former manager, a victim of fraud. The landing on 31/12/2017 of Hervé Le Traiteur confirms the increase in turnover.
The forecast has been prepared on the basis of 2016 performance.
taking into account the acquisition debts raised in 2017 and the historical performance of Delahaye Restauration.
The borrower has a solid repayment capacity with a fixed charge cover ratio* (FCCR) of 1.87 and an excellent financial structure with a net debt to EBITDA ratio of 1.5 and net debt to equity ratio of 55.0%.
taking into account the capital contributions.
The analysis of the project and the borrower leads to a B rating with excellent financial solidity and a rate of 6.75% per year.
*The multiple of FCCR at 1.87 means that the company has a safety margin of 87% relative to its ability to repay its credit maturities.
The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.