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Regicamp is the holding company set up in 2018 to acquire The Moves Publishing, Bel air guides and the website Campingfrance. com, official listing of campsites in France. Regicamp is managed by Linda Salem, has 10 employees and is based in Paris.
The company’s main activities are :
The company works with 800 professional camping customers who represent over 9000 campsites in France. The activity is based on annual packages paid by the campsites to be listed in the company yearbooks on the website and the guides.
The entrance fee is between 400 and 600 €. Some customers add additional formats on the site that increase the average basket to 3 200 €.
The company distinguishes itself from the competition by its notoriety, its anteriority (20 years of experience) and an important database . It works in partnership with the French camping federation.
"Move Publishing wants to sell a part of his activity valued 4 770 000 €, valuation based on standard of the market. The buyers via a dedicated company wish to borrow 3 003 000 € over 72 months to finance the acquisition of the activities of the Move publishing guide group and the Bel-air-Camping france.com sites. The balance being financed by a personal contribution
The buyers are the current managers of the tourism business of Move Publishing. They made an offer to acquire these activity with the support of The French camping federation and Sophia Communication which owns already magazines such as Historia, l’Histoire, La Recherche, Le Magazine Littéraire. The managers have also the support of the current team of these activity.
This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.
The amount offered on the platform is limited to 1 000 000€, which is in line with the regulatory limits.
Like all projects presented to individual lenders on Lendix, it is co-financed with institutional investors, sophisticated investors, and Lendix management, subscribers to the Lendix Fund.
The borrower is a company dedicated for the acquisition.
The financial analysis was carried out on the basis of the analytical accounts of the going-concern established and certified by the chartered accountant.
With a turnover of 2 994 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.
In recent years, the increase in turnover and profitability has been linked to an increase in the average customer basket.
The forecast is based on the historical performance
The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,86 and a strong financial structure, with a forecast net debt / ebitda ratio of 1,8 and a net debt / shareholder equity of 99%.
The analysis of the project leads to a credit rating of A and a 5,05% annual interest rate.
*The multiple of FCCR at 1,86 means that the company has a safety margin of 86% 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.
Point of caution: