France: Acquisition of G.F. Garden (Italy) by Exel Industries (France)
On January 28, 2022, EXEL Industries signed a definitive agreement to acquire GF Garden, an Italian company specializing in the manufacture of garden equipment and tools, from the Italian family-owned group FISPA S.R.L. The transaction is expected to close in February 2022.
EXEL Industries, listed on the Euronext regulated market (code EXE), is a world leader in the agricultural and industrial spraying sector and in the leisure sector. The group employs more than 3,546 people in 27 countries on 5 continents. In 2020 - 2021 the Group's turnover was € 877M, of which € 132M was achieved in the Garden business.
GF Garden is a historical manufacturer of garden equipment in Italy. The company produces items for watering, irrigation, garden maintenance and outdoor living. It develops its activity in more than 50 countries, through its own brands and private labels. GF has also developed a brand of recycled products RECO.
This new acquisition, combined with strong organic growth in its Garden business (+9.4% in 2020-2021), will enable EXEL Industries to increase its presence in a buoyant market.
For this transaction, the Cornet Vincent Ségurel team was led by Adrien Debré, partner, and François Paulze d'Ivoy. Alfred Lortat-Jacob, partner, and Adrien Raoux were also involved in the tax structuring of the transaction.
Whithersworldwide provided expertise to EXEL industries on the Italian legal aspects.
"We were very pleased to assist Exel Industries in this strategic transaction. This transaction shows that Cornet Vincent Ségurel is increasingly solicited by its clients to act as lead counsel in cross-border acquisition transactions. Thanks to our international networks, we can rely on the expertise of a global team of qualified and experienced advisors and consultants, with proven track records in conducting foreign acquisition transactions" commented Adrien Debré on the transaction.