Comment, question or quotation of the day

08-06-2021 : Quote of the day

"Good financing never cancels out a bad investment."  Pierre Vernimmen, French investment banker and educator

04-06-2021 : Sic transit gloria mundi


Once upon a time in the 1990s, there was a listed group (Poliet), active in the distribution of building materials (Point P), the manufacture of building materials (Weber and Broutin), controlling a large cement producer and holding 100% control of a nugget of industrial joinery, Lapeyre.

As its share price was far from reflecting the value of its assets, Poliet decided to float Lapeyre on the stock exchange, and this was the first time in France that the technique of book building was used to do so. It was a huge success thanks to Lapeyre's qualities at the time: strong growth, high profitability, high market share: the L'Oréal of industrial joinery!

A few days ago, Saint Gobain, which acquired control of Poliet in 1996, sold Lapeyre to Mutares, a fund specialising in the recovery of companies in serious difficulty, for a negative price of €243 million, i.e. about three times the annual loss. Mutares will thus find enough money in Lapeyre's coffers to finance a recovery plan, and Saint Gobain, which has not succeeded in turning it around, is making an ultimate investment in Lapeyre with a payback of 3 years, which is not something you find easily nowadays.

Have a nice day



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The Letter

Number 137 of March 2021

News : Some thoughts on recent episodes involving governance issues

Statistics : Corporate income tax rates in the world

Research : The role of creditors in internal resource allocation

Q&A : A few questions and short answers

COMMENTS : Comments posted on Facebook