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|| Qatar acquired stake in French leather goods manufacturer for $20 million

QatarLuxuryGroup-LeTanneur.jpg Qatar Luxury Group has announced acquiring a majority stake in Le Tanneur & Cie, a France-based manufacturer and distributor of leather goods, for around $20 million.

Le Tanneur & Cie retail network comprises of 26 directly-owned stores in France, Belgium and Luxembourg, as well as 22 affiliated stores. It has around 500 employees and is a listed firm.

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More details follows from Peninsula Qatar

Qatar Luxury Group S.P.C. (QLG), through its 100 percent owned subsidiary Qatar Luxury Group – Fashion S.P.C., acquired all the capital shares of Le Tanneur & Cie, namely a total of 2,326,171 securities titles representing 52.73 percent of capital and 52.60 percent of the voting rights (on a fully diluted basis) from the family group Descottes, the D P PME IV shares and Saint Germain Participations’ shares.

It is worth mentioning that the family group Descottes, the D P PME IV and the Saint Germain Participations are not acting together.

The acquisition price for those three entities has been set at €6.51 per share. This agreement came after the positive opinion given by representative bodies of Le Tanneur & Cie, said Qatar Luxury Group in a news release yesterday.

In accordance with the General Regulations of the Financial Markets Authority (Autorité des Marchés Financiers), Qatar Luxury Group S.P.C. will drop in the coming days a proposed mandatory public offer for the outstanding capital of Le Tanneur & Cie with a price of €6.51 per share.

An independent expert will shortly be appointed by the board of directors of Le Tanneur & Cie in accordance with Articles 261-1 et seq. of the General Rules of the Financial Markets Authority.

Qatar Luxury Group S.P.C. does not intend to seek the implementation of a squeeze-out procedure under Article 237-14 of the General Regulations of the Financial Markets Authority within three months of the closing of the offer and therefore does not envisage at this stage, the delisting of Le Tanneur & Cie.

Hervé Descottes of Le Tanneur & Cie CEO, stated: “I am delighted that QLG has decided to invest in our Group. This company has the means to achieve its ambitions and will thus be able to achieve the investments needed to develop our Group, at an industry level, especially the Le Tanneur and Soco brands in particular. The QLG management team is uniquely qualified to address our brands and businesses with an expert eye.”

Gregory Couillard, Qatar Luxury Group CEO said that for QLG, this friendly acquisition is strategic because it is the first step in building the group. “The professionalism and know-how of Le Tanneur & Cie is internationally recognised and we believe Hervé Descottes and all his collaborators have done a remarkable job in getting the company to where it is now,” he said.

“We are confident, however, that Le Tanneur has a strong development potential, both in terms of production, which we plan to invest in soon, and in terms of its international brands growth. Hervé Descottes, who wishes to step back from his professional activities, will however remain with us in the coming months, bringing stability and continuity to the managerial strategic vision,” he added.

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